智通财经网·2026-01-14 06:33Group 1 - The core view is that for the Chinese healthcare sector, profit delivery will be more important than valuation expansion by 2026, with WuXi AppTec (02359) expected to outperform its peers [1] - WuXi AppTec is identified as the top choice in the Chinese CRO/CDMO industry, with a maintained "outperform" rating and a target price of HKD 143.4 [1] - The company anticipates a revenue growth of 9% in Q4 2025, with a Non-IFRS year-on-year growth of 36%, exceeding market consensus by 2% and 3% respectively [1] Group 2 - WuXi AppTec's strong order reserve growth of 41% year-on-year for the first three quarters of 2025 is significantly higher than the global average of approximately 14% [1] - The company is expected to maintain a high return on equity (ROE) of 24% in 2025, which is substantially above the global peer range of 6% to 16% [2] - The firm is confident that WuXi AppTec's adjusted Non-IFRS net profit will achieve high double-digit growth in 2026, outperforming market expectations by about 15% [2]