交银国际每日晨报-20260227

Core Insights - The report maintains a "Buy" rating for WuXi AppTec (2268 HK) with a target price of HKD 91.00, indicating a potential upside of 55.9% from the current price of HKD 58.35 [1][2] - The XDC sector continues to see high levels of financing and business development (BD) activity, with 25 financing events recorded in the first two months of 2026, up from 18 in the same period of 2025 [1] - WuXi AppTec is positioned to benefit from the increasing demand in the XDC CRDMO industry due to its strong technical capabilities and integrated delivery capabilities [1] Company Summary - WuXi AppTec's revenue and adjusted net profit forecasts for 2025-2027 have been slightly reduced by 1-3% based on the company's earnings guidance [2] - The company is highlighted as a key recommendation in the CXO industry, reflecting its strong market position and growth potential [2] Industry Summary - The ASCO GU conference is expected to catalyze the market with over 70 studies led by Chinese experts, including significant data releases from companies like Rongchang, Hansoh, and Kelun [4] - The healthcare sector has shown resilience, with the Hang Seng Healthcare Index declining only 1.5%, outperforming the broader market [3] - There is a trend of increasing foreign investment in innovative pharmaceuticals and CXO companies, aligning with domestic investment strategies [3]