CICC: Maintains WuXi AppTec's "Outperform" Rating with Strong Growth in Orders.

CICC released a report stating that WuXi AppTec's first quarter revenue increased by 21% year-on-year to 9.65 billion yuan, with revenue from continuing operations increasing by 23.1% year-on-year to 9.39 billion yuan. Net profit increased by 89.1% to 3.672 billion yuan, and adjusted non-IFRS net profit increased by 40% to 2.68 billion yuan. Orders from continuing operations increased by 47.1% to 52.33 billion yuan, slightly exceeding the bank's expectations. CICC stated that the company's order growth remains strong, with Tides business continuing to grow, maintaining a "outperform industry" rating for WuXi AppTec with a target price of 78.8 Hong Kong dollars.