CICC International: Maintain "Buy" rating on WuXi AppTec (02359) with target price raised to HK$122

According to a report from Zhitong Finance and Economics APP, CCB International released a research report stating that WuXi AppTec (02359) had a strong performance in the first half of the year, with stable growth in revenue and net profit, expansion of profit margins, outstanding performance in the TIDES business, and resilient growth in the chemical business, helping to offset the weakness in clinical CRO and testing businesses. The management raised the revenue guidance for 2025 to 42.5 billion to 43.5 billion RMB, with continued operating business growth of 13% to 17%, and capital expenditures maintained at 7 billion to 8 billion RMB. CCB International raised the profit forecast for WuXi AppTec for the next two years by 15% and 22%, raising the target price from 81 HKD to 122 HKD, maintaining a "buy" rating.