Ge Long Hui·2025-10-30 03:32Core Viewpoint - WuXi AppTec's Q3 performance exceeded expectations, continuing the strong momentum from the first half of the year, with revenue growth of 15% year-on-year to 12.1 billion yuan and net profit growth of 53% year-on-year to approximately 3.5 billion yuan, primarily driven by the ramp-up of late-stage clinical and commercialization projects [1] Financial Performance - Revenue increased by 15% year-on-year to 12.1 billion yuan [1] - Net profit rose by 53% year-on-year to approximately 3.5 billion yuan [1] - Gross margin improved by 7.8 percentage points year-on-year to 49.8% [1] Order Growth - Excluding foreign exchange impacts, new orders increased by 18% year-on-year [1] - The backlog of orders reached 60 billion yuan, a year-on-year growth of 41% [1] - It is expected that the backlog will gradually convert over the next 18 months, supporting visibility for growth through 2026 [1] Management Guidance - Management raised the full-year revenue growth guidance to between 17% and 18%, up from the previous range of 13% to 17% [1] Target Price Adjustment - The target price for H-shares was raised from 122 HKD to 127 HKD, maintaining a forecasted P/E ratio of 18 times for the next year [1] - Earnings forecasts for 2025 to 2027 were increased by 2.4% to 6.4% [1]