Cinda Securities: Initiates coverage of WUXI XDC (02268) with a "buy" rating

China Post Securities released a research report stating that it has initiated coverage on WUXI XDC (02268) for the first time with a "buy" rating. The report indicates that the company announced its first half-year performance in 2025, with a revenue of 2.7 billion RMB, a year-on-year increase of 62.2%, and a net profit of 750 million RMB, a year-on-year increase of 52.7%. By the end of the first half of the year, the company's iCMC project total reached 225, with a record high of 37 new iCMC projects signed in the first half of the year, demonstrating a highly differentiated target selection and innovative technology path, consistent with the rapid development trends in the industry such as XDC and dual antibody ADC; 11 PPQ projects and 3 new signings in the first half of the year. By the end of the first half of the year, the total amount of uncompleted orders for the company was 1.33 billion US dollars, a year-on-year increase of 57.9%, with the growth rate in the North American region exceeding other regions. The company is a global leader in ADCCXO, with a comprehensive research and development technology platform, a growing customer base and project numbers, and steady expansion of production capacity. It is expected that the company's annual revenue from 2025 to 2027 will be 5.75 billion, 7.83 billion, and 10.17 billion RMB, with year-on-year growth rates of 42%, 36%, and 30%, and net profits of 1.6 billion, 2.26 billion, and 3.02 billion RMB, with year-on-year growth rates of 50%, 41%, and 34%.