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高盛:药明康德上季盈利胜预期关注新订单动能与临床CRO业务目标价109.6港元
Xin Lang Cai Jing·2025-10-28 09:07

Core Viewpoint - Goldman Sachs anticipates a positive market reaction to WuXi AppTec's strong performance and new order momentum, despite concerns regarding the slowdown in TIDES (oligonucleotide and peptide) order reserve growth [1] Financial Performance - WuXi AppTec reported third-quarter revenue of 12.1 billion RMB, representing a year-on-year increase of 15.3% [1] - The management has raised the full-year revenue guidance for 2025 to 43.5 to 44 billion RMB, up from the previous guidance of 42.5 to 43.5 billion RMB [1] - The revenue growth guidance for continuing operations has been adjusted to an annual increase of 17% to 18%, up from the previous range of 13% to 17% [1] Capital Expenditure - The capital expenditure for the third quarter was 1.47 billion RMB, with a total of 3.57 billion RMB for the first nine months [1] - The full-year capital expenditure budget has been revised down to 5.5 to 6 billion RMB, from the earlier estimate of 7 to 8 billion RMB, due to longer-than-expected settlement periods for some projects [1]