Core Viewpoint - Jianyin International has raised the target price for WuXi AppTec (02268) by 25% from HKD 72 to HKD 90, maintaining an "outperform" investment rating [1] Company Performance - WuXi AppTec is recognized as a leader in the global ADC/XDC contract research outsourcing sector, expected to sustain high revenue growth due to low entry barriers and high market demand [1] - The total number of clients is projected to increase from 345 in 2023 to 499 in 2024, reaching 563 by the first half of 2025 [1] - Strong order growth is anticipated, with total orders expected to increase by 58% year-on-year in the first half of 2025, amounting to USD 1.3 billion, following a 71% year-on-year growth in 2024 [1] Capital Expenditure and Financial Forecast - The company has outlined a new capacity expansion plan with total capital expenditures of RMB 7 billion from 2026 to 2029 to meet the rising demand for ADC/XDC [1] - Jianyin International maintains its existing forecast for WuXi AppTec's total revenue in 2025, projecting a 45% year-on-year increase (62% year-on-year increase in the first half of 2025), aligning with market expectations [1] - The forecast for capital expenditures in 2025 remains unchanged at RMB 1.56 billion, with RMB 900 million and RMB 450 million allocated for facilities in Singapore and WuXi, respectively [1] - Positive free cash flow is expected to be achieved by the end of 2026, reaching RMB 555 million [1]