CCB International Raises WUXI XDC (02268) Target Price to HK$90, Keeps "Outperform" Rating

Stock News11-20

CCB International has raised its target price for WUXI XDC (02268) from HK$72 to HK$90, a 25% increase, while maintaining an "Outperform" investment rating. The firm highlights WUXI XDC as a global leader in ADC/XDC R&D outsourcing, benefiting from low competition and high barriers to entry.

The company's client base expanded from 345 in 2023 to 499 in 2024, reaching 563 in the first half of 2025. Order growth remains robust, with H1 2025 orders surging 58% YoY to $1.3 billion (2024: +71% YoY). WUXI XDC has also outlined new capacity expansion plans, with total capital expenditure of RMB7 billion planned from 2026 to 2029 to meet rising ADC/XDC demand.

CCB International maintains its 2025 revenue growth forecast at 45% YoY (H1 2025: +62% YoY), aligning with market expectations. Profit projections for 2025–2027 and full-year 2025 capex estimates (RMB1.56 billion) remain unchanged, including RMB900 million and RMB450 million allocated for Singapore and Wuxi facilities, respectively. The firm expects positive free cash flow of RMB555 million by end-2026.

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