Guangda Securities: WuXi AppTec's performance growth is significant, with strong support from existing orders. Maintain a "Buy" rating.

Guangda Securities research report pointed out that in the first half of the year, WuXi AppTec achieved a net profit attributable to the parent company of 8.561 billion yuan; among them, in the second quarter of 2025, it achieved a net profit attributable to the parent company of 4.89 billion yuan, exceeding market expectations. The performance growth is significant, supported by strong outstanding orders. As of the end of June 2025, the company's outstanding orders reached 56.69 billion yuan, highlighting the company's good business development trend and laying a solid foundation for future income growth. The company continues to expand production capacity, and it is expected that by the end of 2025, the total volume of small molecule active pharmaceutical ingredients reaction kettles will exceed 4 million liters, and the total volume of peptide solid phase synthesis reaction kettles will increase to over 100,000 liters. The company is a one-stop CXO leader, with stable performance. Considering the rapid growth of the company's TIDES-related performance and production capacity, improvement in gross profit margin, and one-time gains from the sale of WuXi XDC shares, the company's net profit attributable to the parent company for the years 2025-2027 is raised to 15.14 billion / 15.54 billion / 18.02 billion yuan, with corresponding PE ratios of 19/18/16 times for A shares and 19/19/16 times for H shares, maintaining a "buy" rating.