Xin Lang Cai Jing·2026-01-14 02:50Core Viewpoint - Morgan Stanley reports that WuXi AppTec (02359) has expanded its adjusted net profit margin to 33%, which is another positive surprise; the target price is set at HKD 142 with a "Buy" rating [1][4]. Financial Performance - WuXi AppTec recently issued a profit warning, expecting a 16% year-on-year increase in sales to RMB 45.5 billion for 2025, exceeding the bank's expectations by 2% [4]. - The adjusted net profit is projected to rise by 41% year-on-year to RMB 15 billion, which is 4% higher than the bank's forecast [4]. Drivers of Performance - The bank attributes the better-than-expected performance to continuous capacity and capability enhancements, production process optimization, and improvements in operational efficiency [4]. - The market is anticipated to respond positively to the profit warning [4].