突破还是瓶颈？CGT行业现状检查

9ing the status of non-US analysts on pages 3 - 9 of this report James Vane-Tempest * I Equity Analyst44 (0) 20 7029 8275 1 jvane-tempest@jefferies.comChristopher Richardson, ACA * IEquityAssociate+44 (0)20 7029 8675 1I chris.richardson@jefferies.comDavid Windley, CFA ^ I Equity Analyst(615) 963-8313 I dwindley@jefferies.comTucker Remmers ^ IEquity Associate+1 (615) 963-8315 I tremmers@jefferies.comTycho Peterson ^ I Equity Analyst+1 (212) 738-5583 I tpeterson2@jefferies.com JefferiesSpeaker Biography:Emily Moran is currently a General Manager in CGT Solutions at Fortis Life Sciences LLC (2024- Present). Prior to this she was the SVP, Cell and Gene Therapy Manufacturing and MSATat SK Pharmteco Inc. (2023-24). Ms. Moran was also Head of Viral Vector Manufacturing atLonza (2019-20), specifically at the Houston site.insight into both the determining factors for a successful CGT CDMO as well as currentdynamics of the CGT CDMO space as a whole. We hope to gain insight into LONN (where Ms.Moran was head of and SFZN (Covered) as well as biotech funding. Her experience spansNorth America, Europe, and APAC, covering gene, cell, and plasmid manufacturing.Please see important disclosure information on pages 3 - 9 of this reportThis report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 97cS JefferiesCompany Valuation/RisksCharles River Laboratories, IncOur S142 price target reflects a 14.0x multiple on 2026E EPS. Risks include extended pressure on volume/mix in research models, re-intensifyingLonza Group AGValuation: We value LONN through sum-of-the-parts DCF and cross-check with Group DCF, segment comparables, historical multiples andscenarios around growth projects.Risks: (1) failing to secure future drug manufacturing contracts; (2) deficiencies in regulatory site inspections; (3) weak demand or margirpressures; (4) failing to achieve efficiency/productivity gainsSiegfried Holding AGValuation: We have valued SFZN through a sum-of-the-parts DCF, reconciled with our Group DCF for accuracy. We have also used historicalmultiple and peer comparison to ensure a valid relative valuation.Risks: (1) ramp-up of expansion projects is below expected levels, dragging on top-line and margin; (2) inability to pivot product portfolio to higher-margin alternatives, which would drag on growth of sales and margin expansion; (3) regulatory or manufacturing issues; (4) end-market demandin the CGT space remains depressed, inhibiting entrance into the space.WuxiApptecOur price target for Wuxi Apptec (2359 HK) of HKs87.4 is derived from DCF methodology, which factors in our rev and earnings forecasts upfailures, volatility post lock-up and macro factors/externalitiesWuxi ApptecOur price target for Wuxi Apptec (603259 CH) of Rmb89.7 is derived from DCF methodology, which factors in our rev and earnings forecasts upto 2034E, using a terminal growth rate of 3.0% and a WAcC of 11.0%. Risks include: decrease in demand, competition, issues that could lead toproject failures, and macro factors/externalities.Analyst Certification:and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsorviews expressed inthisresearchreporsecurity(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specificrecommendations or views expressed in this research report, David Windley, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviewsexpressedinthisresearchreportI, Tucker Remmers, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) ancsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report, Tycho Peterson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orRegistration of non-US analysts: James Vane-Tempest is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notegistered/gualifiedasarebyaresearchanalystRegistration of non-US analysts: Christopher Richardson, ACA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC ancis not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firmand therefore may n