Goldman Sachs: WuXi AppTec's order momentum remains strong and customer demand is stable. Target price is HKD 63.3.

Goldman Sachs released a research report stating that the momentum of orders for Wuxi PharmaTech remains strong, with steady customer demand, especially from US customers. Exploration outside the ADC field continues to be active, such as AOC and RDC. The target of 45% annual revenue growth is in line with expectations, but the gross profit margin in the second half of the year may be lower than in the first half. In addition, the company is actively negotiating contracts for the Singapore plant with customers, and is expected to sign several contracts before the end of the year, but the revenue contribution from the plant is expected to be limited before 2027 due to the need for capacity expansion. Other capacity and manpower expansions are also progressing as planned, with recruitment ongoing. The bank maintains a "neutral" rating and a target price of HK$63.3.