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, anticipating significant revenue and profit growth from 2025 to 2027 [1] Group 1: Financial Projections - Revenue is expected to grow by 45.7%, 36.6%, and 31.7% year-on-year for the years 2025, 2026, and 2027 respectively [1] - Adjusted net profit is projected to increase by 34.9%, 38.4%, and 32.9% for the same years [1] - The above forecasts do not account for the impact of the acquisition of Easton Pharmaceuticals-B (01875) [1] Group 2: Earnings Announcement - WuXi AppTec has issued a positive earnings forecast, expecting at least a 45% year-on-year revenue growth and over 38% net profit growth for 2025 [1] - Adjusted net profit is anticipated to grow by over 45%, with a potential increase exceeding 65% when excluding foreign exchange effects [1] Group 3: Project Development - The company is set to achieve a record of 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 4: Strategic Acquisition - To address the increasing customer demand, the company has announced a cash offer to acquire at least 60% of Easton Pharmaceuticals, marking a strategic move to enhance production capacity [1]
招银国际：升药明合联目标价至88港元 维持“买入”评级