Lyon: WUXI XDC (02268) receives "outperform" rating, target price of 44.3 Hong Kong dollars.

Lyon released a research report covering WUXI XDC (02268) for the first time, giving it an "outperform" rating with a target price of HK$44.3. WUXI XDC's market share in 2023 is 14.5%, and their revenue is expected to grow by 85%, 40%, and 32% in the fiscal years 2024 to 2026 respectively. The compound annual growth rate of earnings per share forecasted by the bank is 34%, which is 39% to 43% higher than market consensus. Lyon points out that WUXI XDC's market share in 2023 is 14.5%. External agencies predict that the global Antibody-Drug Conjugate (ADC) outsourcing market's revenue is expected to grow at a compound annual growth rate of 28% from 2022 to 2030. The bank believes that WUXI XDC has strong potential for market share growth, mainly due to its "one-stop" capability to achieve efficiency above the industry average, its robust historical performance, expanding global pharmaceutical market influence, and increasing backlog of orders.