Lates News

Citigroup released a report stating that WuXi AppTec's revenue in the first quarter of this year reached 9.7 billion yuan, an increase of 21% year-on-year, and its continuous operation revenue increased by 23% year-on-year, with a net profit of 3.7 billion yuan, an increase of 89% year-on-year, excluding one-time items, it increased by 14.5%. The performance was strong, with revenue and net profit exceeding the bank's estimates by 4% and 10% respectively. The gross profit margin rose from 38.1% in the first quarter of last year to 42.3% in the first quarter of this year. Furthermore, thanks to a 290 basis point decrease in the management expense ratio, the operating profit margin expanded from 24% in the first quarter of last year to 31.2%. The net profit margin in the first quarter of this year reached 38%, higher than the 24.3% in the first quarter of last year. Citigroup mentioned that WuXi AppTec's TIDES business is growing very strongly, with the order backlog for this year's first quarter continuous operation business increasing by 47% year-on-year, maintaining rapid growth compared to the full year growth of 47% in 2024. The bank has a "buy" rating with a target price of 92 Hong Kong dollars for WuXi AppTec.