HK Stock Market Move | WuXi AppTec (02359) rises more than 3%, will hold a performance briefing next Monday, the company's backlog orders continue to grow rapidly.

WuXi AppTec (02359) rose more than 3%, as of the time of publication, it increased by 3.45% to 58.5 Hong Kong dollars, with a turnover of 3.43 billion Hong Kong dollars. In terms of news, WuXi AppTec announced that the company's 2024 third quarter performance briefing will be held on November 18, 2024 (Monday) from 10:00-11:00, in the form of video live broadcast and online interaction at the Shanghai Stock Exchange Roadshow Center. China Securities Co., Ltd. believes that WuXi AppTec's integrated CRDMO business model continues to strengthen, with revenue excluding new coronavirus commercialization projects increasing year-on-year in the first three quarters, maintaining steady operations, and the 2024Q3 performance improving steadily compared to the previous quarter. The bank continued to point out that the company's outstanding orders continue to grow rapidly, reflecting strong customer demand. The chemical business accelerated its growth in 2024Q3 excluding new coronavirus projects, with continuous capacity expansion in TIDES supporting business volume. It is expected that with the continuous recovery of domestic and foreign research and development demand, early-stage business is expected to gradually recover. The chemical business will continue to grow steadily, with new molecular business expanding rapidly; in 2024Q4, with more orders delivered for CDMO and TIDES, performance is expected to continue to improve compared to the previous quarter. The firm maintains a "buy" rating.