CICC: Raises WuXi AppTec (02359) Target Price to HK$126, Second Quarter Performance Exceeds Expectations.

30/07/2025

WuXi AppTec's performance exceeded expectations in the industry.

China International Capital Corporation (CICC) released a research report stating that due to the recent increase in the average valuation of the pharmaceutical industry, they are maintaining an outperform rating on WuXi AppTec (02359) and raising their H-share target price by 59.9% to 126 Hong Kong dollars. Considering the strong demand for core business and improved operational efficiency, they are also raising their 2025 and 2026 net profit forecasts by 8.9% and 9.2% respectively to 12.5 billion and 14.4 billion Chinese yuan. WuXi AppTec announced its second quarter performance with a 20.4% year-on-year increase in revenue to 11.14 billion Chinese yuan; adjusted net profit increased by 47.9% year-on-year to 3.64 billion Chinese yuan; adjusted net profit margin increased by 6.1 percentage points year-on-year, and increased by 4.9 percentage points quarterly to 32.6%. WuXi AppTec's performance exceeded the bank's expectations.

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