Group 1 - Morgan Stanley's report indicates that WuXi Biologics (02269) has exceeded market consensus and Morgan Stanley's expectations for its 2025 performance, raising the target price from HKD 37 to HKD 51 and extending the target price deadline to December 2026 while maintaining an "Overweight" rating [1] - The company expects full-year revenue to reach RMB 21.8 billion, a year-on-year increase of 16.7%, aligning closely with market consensus and Morgan Stanley's forecast. Net profit is projected to be RMB 4.9 billion, exceeding market consensus and Morgan Stanley's estimates by approximately 11% and 17% respectively [1] - After adjusting for one-time costs, the non-IFRS net profit is expected to rise by 22% to RMB 6.59 billion, reinforcing Morgan Stanley's confidence in WuXi Biologics' growth prospects for this year and beyond [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. 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 also increased its gross margin assumptions by 2 to 3 percentage points, forecasting gross margins of 46.0%, 46.2%, and 46.5% for 2025, 2026, and 2027 respectively [2] - These updates translate into a 13% to 23% upward revision of profit forecasts for 2025 to 2027, with adjusted net profit for shareholders expected to grow by 17.4% and 20.9% in 2026 and 2027 respectively [2]
小摩：上调药明生物目标价至51港元 业绩超预期订单势头强劲