Core Viewpoint - Bank of America Securities reports that WuXi Biologics has issued a positive earnings forecast, expecting a 16.7% year-on-year revenue growth to reach 21.8 billion yuan by 2025, aligning with the bank's expectations [1] Revenue and Growth - The revenue growth is attributed to a record number of new projects and an expansion of service offerings, particularly in the BsAb and ADC platforms [1] - The revenue forecast for 2025 to 2027 has been slightly increased by 1% [1] Profitability - Gross margin is expected to expand by 5 percentage points year-on-year to 46%, exceeding the bank's expectations due to improved capacity utilization and efficiency gains from the Lean Operations Management System (WBS) [1] - Net profit and attributable net profit are projected to be 5.7 billion and 4.9 billion yuan, respectively, reflecting year-on-year growth of 45.3% and 46.3% [1] - Net profit forecast has been raised by 7% to 12% [1] Target Price and Rating - The target price has been adjusted from 41.8 HKD to 47 HKD, while maintaining a "Neutral" rating [1]
美银：药明生物盈喜稳健，目标价上调至47港元