Group 1 - The core viewpoint of the report is that WuXi Biologics (02269) has outperformed its mainland CRO peers and the overall healthcare sector since January 20 [1] - The company is considered to have relative resilience due to a more diversified shareholder structure, which helps buffer against geopolitical risks [1] - There is an increased visibility of accelerated growth before 2026, with potential performance possibly exceeding current expectations [1] Group 2 - As competitors in the CRO/CDMO sector are expected to underperform in Q4 2025, capital is likely to flow back to WuXi Biologics [1] - WuXi Biologics remains the preferred stock in the mainland CRO/CDMO space, with a valuation discount compared to global peers [1] - The target price for WuXi Biologics is set at 48.5 yuan, with a rating of outperforming the market [1]
里昂：维持药明生物跑赢大市评级 增长加速能见度提升