Core Viewpoint - 招银国际 has raised the target price for WuXi AppTec (02268) from HKD 74 to HKD 88, maintaining a "Buy" rating, with projected revenue growth of 45.7%, 36.6%, and 31.7% for 2025 to 2027, respectively, and adjusted net profit growth of 34.9%, 38.4%, and 32.9% [1] Group 1: Financial Projections - WuXi AppTec has issued a positive earnings forecast, expecting at least 45% revenue growth and over 38% net profit growth in 2025, with adjusted net profit anticipated to grow by over 45%, and over 65% when excluding foreign exchange impacts [1] - The company is projected to achieve a record 70 new comprehensive projects in 2025, representing a 32% year-on-year increase [1] - The number of Process Performance Qualification (PPQ) projects is expected to surge by 125% to 18, indicating strong commercial production potential [1] Group 2: Strategic Developments - To address the increasing customer demand, WuXi AppTec has announced a cash offer to acquire a 60% stake in Easton Pharmaceuticals-B (01875), marking a significant step in enhancing its production capabilities [1]
招银国际：升药明合联(02268)目标价至88港元 维持“买入”评级