针对美国《生物安全法案》的影响，公司表示药明生物正积极与客户及美国政府展开沟通，药明合联被 列入相关清单的可能性较低，目前客户端的担忧有限。跨国药企在生物偶联领域的自有产能扩张有限， 外包比例预计将持续保持高位。凭良好的业务记录，药明合联有望继续获取包括北美在内的全球新订 单。 瑞银发表研究报告指，基于药明合联领先的生物偶联CRDMO平台地位、产能的持续扩张及地缘政治风 险的可控性，重申"买入"评级，目标价为89.5港元。报告提到，药明合联母公司药明生物在2025年新增 的209个项目中，逾70个来自药明合联，远高于此前指引的60个以上。此外，公司料未来五年的营收将 实现约30%的年复合增长率，增速快于行业平均水平。 ...

Core Viewpoint - UBS reaffirms a "Buy" rating for WuXi AppTec (02268) based on its leading bioconjugate CRDMO platform, ongoing capacity expansion, and manageable geopolitical risks, setting a target price of HKD 89.5 [1] Group 1: Company Performance - WuXi AppTec's parent company, WuXi Biologics (02269), is expected to add over 70 projects from WuXi AppTec in 2025, significantly exceeding the previous guidance of over 60 [1] - The company anticipates a compound annual growth rate (CAGR) of approximately 30% in revenue over the next five years, outpacing the industry average [1] Group 2: Capacity Expansion - The construction of the Singapore production base was completed last year, with plans to achieve GMP certification in the first half of this year, and 200 employees have been recruited [1] - From 2026 to 2029, the company plans to invest approximately RMB 7 billion for domestic and overseas capacity expansion, including potential expansions in Europe and the U.S. and market development in the Middle East [1] Group 3: Regulatory Environment - In response to the U.S. Biodefense Act, WuXi Biologics is actively communicating with clients and the U.S. government, indicating a low likelihood of WuXi AppTec being included in related lists, with limited client concerns [1] - The expansion of in-house capacity by multinational pharmaceutical companies in the bioconjugate field is limited, and the outsourcing ratio is expected to remain high [1] - With a strong business track record, WuXi AppTec is likely to continue securing new orders globally, including in North America [1]

Core Viewpoint - UBS reaffirms a "Buy" rating for WuXi AppTec (02268) based on its leading bioconjugate CRDMO platform, ongoing capacity expansion, and manageable geopolitical risks, setting a target price of HKD 89.5 [1] Group 1: Company Performance - WuXi Biologics (02269), the parent company of WuXi AppTec, is expected to add over 70 projects from WuXi AppTec in 2025, significantly higher than the previous guidance of over 60 [1] - The company anticipates a compound annual growth rate (CAGR) of approximately 30% in revenue over the next five years, outpacing the industry average [1] Group 2: Capacity Expansion - The construction of the Singapore production facility was completed last year, with plans to achieve GMP certification in the first half of this year, and 200 employees have been recruited [1] - From 2026 to 2029, the company plans to invest approximately RMB 7 billion for domestic and overseas capacity expansion, including potential expansions in Europe and the U.S. and market development in the Middle East [1] Group 3: Regulatory Environment - In response to the U.S. Biodefense Act, WuXi Biologics is actively communicating with clients and the U.S. government, indicating a low likelihood of WuXi AppTec being included in related lists, with limited client concerns [1] - The expansion of in-house capacity by multinational pharmaceutical companies in the bioconjugate field is limited, and the outsourcing ratio is expected to remain high [1] - With a strong business track record, WuXi AppTec is well-positioned to continue securing new orders globally, including in North America [1]