HK Stock Market Move | WUXI BIO (02269) opens more than 3% higher, the company expects accelerated revenue growth by 2025. Lyon raises performance expectations.

WUXI BIO(02269) opened over 3% higher, as of press time, it rose 3.55% to HKD 17.5, with a turnover of HKD 20.6474 million. On the news front, WUXI BIO announced that the number of new comprehensive projects in 2024 reached 151, bringing the total number of projects to 817, reaching multiple historical highs, showcasing the company's strong business momentum and continuous growth capability. Based on existing contract expectations, the Group is expected to have 24 PPQ (Process Performance Qualification) projects in 2025. The Irish production facility is also expected to become profitable in 2025 as planned. The Group is confident in achieving expected revenue growth in 2024 and expects revenue to accelerate in 2025 compared to 2024. In addition, a research report released by Lyon stated that the impact of the Biosecurity Law on WUXI BIO has changed from being unpredictable last year to controllable this year. The bank's view on WUXI BIO has become more positive this year, based on slight improvement in biotechnology financing last year, increased certainty in Antibody Drug Conjugates (ADCs), and potential acceleration of equipment in Ireland. The bank has raised its revenue and net profit forecasts for the company for 2024 to 2026 by 4% to 10% and 8% to 13% respectively, and raised the target price for the stock from HKD 22.6 to HKD 22.9, reiterating its "outperforming the market" rating.