招银国际：药明康德(02359)TIDES势头延续 早期研发初现回暖

Core Viewpoint - Zhaoyin International forecasts that WuXi AppTec (02359) will experience a continuous operating revenue growth of 16%/15.9%/15.8% for the years 2025/26/27, with adjusted net profit growth of 16.2%/17.6%/16.4% respectively [1] Group 1 - The TIDES business is showing strong development momentum, with rapid capacity expansion and a rich pipeline reserve [1] - Early-stage research is showing further signs of recovery, which is expected to drive growth in early-stage business revenue that accounts for approximately one-third of the company's total revenue [1] - Refined operations are helping the company maintain resilient profitability amid macro uncertainties and global capacity expansion [1]