Citigroup: WuXi AppTec (02359.HK) first quarter performance exceeds expectations, rated as "buy"

IntelliNews Finance APP learned that Citigroup released a research report stating that WuXi AppTec (02359.HK) had first quarter revenues of 9.7 billion RMB, a 21% increase year-on-year, with continuous operating business growing by 23% year-on-year; net profit of 3.7 billion RMB, an 89% increase year-on-year, with a 14.5% growth after excluding one-time items. WuXi AppTec's TIDES business showed strong growth, with a 47% year-on-year increase in orders backlog for the first quarter of this year, compared to the 47% growth for the full year 2024, maintaining rapid growth. The bank has assigned a "Buy" rating with a target price of 92 Hong Kong dollars.