药明合联：XDC赛道融资/BD开年延续较高热情，公司有望持续获益，维持买入-20260227

Investment Rating - 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][3]. Core Insights - The report highlights the sustained high activity in the global CXO sector, which is expected to benefit WuXi AppTec as industry demand improves. The company is projected to see over 20% growth in total orders from 2025 to 2027, with a significant increase in late-stage/commercial orders [2][6]. - The revenue and adjusted net profit forecasts for 2025-2027 have been slightly reduced by 1-3%, with expected revenues of RMB 58.79 billion, RMB 82.78 billion, and RMB 111.14 billion respectively, reflecting a strong CAGR of 38% to 46% driven by growth in comprehensive CMC orders [6][10]. - The report emphasizes WuXi AppTec's leading position in the high-growth XDC CRDMO sector, making it a top pick in the CXO industry due to its attractive investment value [6][10]. Financial Summary - Revenue projections for WuXi AppTec are as follows: RMB 5,879 million for 2025, RMB 8,278 million for 2026, and RMB 11,114 million for 2027, with corresponding adjusted net profits of RMB 1,600 million, RMB 2,454 million, and RMB 3,416 million [5][18]. - The gross profit margin is expected to remain stable at 35.1% for 2025, increasing to 39.1% by 2027, indicating improved profitability [5][20]. - The company's market capitalization is approximately HKD 73.4 billion, with an average daily trading volume of 8.31 million shares [5][6].