BOC International Maintains "Buy" Rating on Wuxi Apptec, Raises Target Price to HK$138

Deep News03-25

BOC International released a research report stating that it has raised its 2026 revenue and core profit forecasts for Wuxi Apptec (02359) by 1.4% and 3.2% respectively. For 2027, the forecasts were increased by 1.6% and 2.7%. The target price has been raised from HK$127 to HK$138, while maintaining a "Buy" rating.

The company's performance last year was in line with guidance, with revenue increasing by 15.8% year-over-year, and revenue from continuing operations growing by 21.4%. TIDES remained the core growth engine, achieving revenue of RMB 11.37 billion. The order backlog also increased to RMB 58 billion. Management indicated that approximately 70% of the order backlog is expected to convert into revenue within the next 12 months, strengthening confidence in this year's performance delivery.

The report mentioned that, from a medium to long-term perspective, new molecules are expected to provide additional growth momentum for Wuxi Apptec. Furthermore, the application of AI and potential regulatory optimizations are also anticipated to boost industry demand and efficiency. Management expects profit margins to remain "stable and resilient" this year and has guided capital expenditures to be between RMB 6.5 billion and RMB 7.5 billion, with adjusted free cash flow projected to be in the range of RMB 10.5 billion to RMB 11.5 billion.

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