Group 1 - Core viewpoint: Morgan Stanley's report indicates that WuXi Biologics (02269) has exceeded market consensus and Morgan Stanley's expectations for its 2025 performance, leading to an increase in target price from HKD 37 to HKD 51 and maintaining an "Overweight" rating [1] - Company expects full-year revenue of RMB 21.8 billion, a year-on-year increase of 16.7%, aligning with market consensus and Morgan Stanley's forecast [1] - Net profit is projected to reach RMB 4.9 billion, exceeding market consensus and Morgan Stanley's estimates by approximately 11% and 17% respectively [1] Group 2 - Morgan Stanley has raised its sales forecasts for 2025 to 2027 by 2% to 5%, and for 2028 and beyond by 6% to 9%, due to improved expectations for new order acquisition momentum [2] - The firm now predicts sales growth of 17.3% and 18.0% for 2026 and 2027 respectively [2] - Due to better-than-expected gross margin expansion, Morgan Stanley has adjusted its gross margin assumptions upward by 2 to 3 percentage points, forecasting gross margins of 46.0%, 46.2%, and 46.5% for 2025, 2026, and 2027 respectively [2]
小摩：上调药明生物(02269)目标价至51港元 业绩超预期订单势头强劲