大行评级丨野村：药明康德强劲研发实力助其把握市场机遇 目标价上调至132.8港元

Core Viewpoint - Nomura's report indicates that WuXi AppTec's strong R&D capabilities enable it to seize market opportunities, reaffirming a "Buy" rating and raising the target price from HKD 130.63 to HKD 132.8 [1] Group 1: Company Performance - As of the end of fiscal year 2025 (September), the company has undertaken a total of 3,430 projects, which is approximately three times the number in 2021 [1] - The breakdown of projects includes 2,889 in preclinical, 374 in Phase I, 87 in Phase II, 80 in Phase III, and commercial stages [1] - The total order backlog reached CNY 59.88 billion, with new orders signed in the third quarter increasing by 32% year-on-year to CNY 15.3 billion [1]