Zhi Tong Cai Jing·2025-10-27 12:18Core Viewpoint - Morgan Stanley's report indicates that WuXi AppTec (603259) has shown strong financial performance in Q3, with a 15.3% year-on-year revenue increase to 12.1 billion RMB and a 53.3% rise in net profit to 3.515 billion RMB, exceeding expectations [1] Financial Performance - Q3 revenue increased by 15.3% to 12.1 billion RMB [1] - Net profit rose by 53.3% to 3.515 billion RMB [1] - Adjusted net profit under non-IFRS increased by 42% to 4.22 billion RMB [1] - Revenue growth in chemical, testing, and biological segments was 23%, 2%, and 6% respectively [1] Investment Recommendation - Morgan Stanley suggests that now is an opportune time to buy WuXi AppTec shares, with a forecasted P/E ratio of approximately 20 times for FY2026, below the industry median of 26 times [1] - The firm maintains an "Overweight" rating with a target price of 105 RMB for A-shares [1] Guidance Adjustment - The company has raised its full-year revenue growth guidance from 13%-17% to 17%-18% [1] - The upper limit of the guidance is considered conservative, while the lower limit has been increased significantly by 4 percentage points [1] - For the first nine months, revenue has accumulated a year-on-year growth of 22.5%, indicating potential to meet or exceed the new guidance [1]