Core Viewpoint - CICC maintains an "outperform" rating for WuXi AppTec-B (02126) and raises the target price by 151.7% to HKD 6.04, indicating a 19.6% upside potential from the current stock price due to improved operational profit and industry valuation increase [1] Group 1: Financial Performance - In 1H25, the company reported revenue of HKD 1.06 billion, a year-on-year increase of 22.5%, with better-than-expected loss reduction primarily due to cost control [2] - The gross margin for product sales improved to 51.1%, up 0.7 percentage points year-on-year, while the sales expense ratio decreased by 15.7 percentage points to 72.0% [2] - Administrative and R&D expenses were reduced by 45.7% and 39.0% respectively, indicating effective cost management [2] Group 2: Strategic Developments - The company announced a licensing agreement with Juno for JW sLVV production technology, with a payment of up to USD 10 million, which is expected to enhance performance [2] - The company has initiated IIT research for JWCAR201 targeting blood cancers and autoimmune diseases, with preliminary encouraging data expected to be presented at the 2025 American Society of Hematology annual meeting [3] Group 3: Clinical Trials and Pipeline - The company is set to update data on its CD19 CAR-T therapy for systemic lupus erythematosus (SLE), having started Phase I clinical trials in May 2024, with patient enrollment completed by 1Q25 [4] - The company is believed to have a first-mover advantage in CAR-T treatment for SLE in China, with anticipation for future data releases [4]
中金：维持药明巨诺-B(02126)跑赢行业评级 上调目标价至6.04港元