强劲的2025年第三季度业绩；上调全年指引

Strong 3Q25 performance; raising full-year guidance Target PriceUS$654.00(Previous TPUS$553.00)Up/Downside15.3%Current PriceUS$567.20 ThermoFisher(TMO) reportedcontinuouslyimproved financialsfor 3Q25, withrevenue increasing by5.0% YoYandadj. EPS risingby9.7% YoY.Revenue andadj.EPSin 3Q25beatBBGconsensus by1.8% and 5.4%, respectively. Despiteongoingmacroeconomic uncertainties,TMO delivered strong operationalexecution, effectively mitigating the negativeimpactsof tariffs. The strong 3Q25performance enabledmgmt.to further raiseits full-year guidance, expectingfull-year revenue to grow by 2.8% to 3.8%YoY (previously 1.7% to 3.1%), withadj.EPS growing by 3.4% to 4.6% YoY (previously 1.6% to 4.5%).Mgmt.alsoreiterateditslong-termorganic revenuegrowth target of 3%-6%. China Healthcare Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Continued to observe encouraging signals of improving demand.In3Q25, revenue from pharma and biotech customers deliveredmid-single-digitYoY growth, extending the recovery trend in2Q25, which wasprimarily drivenby thebioproduction,analytical instruments, andresearch & safety channelbusinesses.The newly-launchedbundled solutionthat combines itsclinicalCRO and CDMO capabilitiescontinued to gain strong traction among biotechclients,andis increasingly attracting attention from big pharmas. As a result,the clinical CROreturned tolow-single-digitgrowth in 3Q25, a sequentialimprovement over 2Q25. Encouragingly, in China’smarket, demand fromacademic and government benefited fromstimulus measures, while pharmaand biotech demand showedmodest growth. Benchen HUANG, CFAhuangbenchen@cmbi.com.hk Macro environment showing signs of stabilization.In 2025,the globalpharmaceuticalsectors faced multiple policy disruptions,including theescalation of global tariff tensions and domestic policy shifts in the US.However, as theUSgovernment reached pricing agreements with certain bigpharmas and global trade policy became more predictable, mgmt.of TMOnoted that customers are now more confident in navigating the evolvingenvironment. At the same time, greater budget clarity, such as improvedvisibility in NIH funding, is helping stabilize demand from government andacademic clients inthe US. This customer segment’s revenue in 3Q25remained stable compared to 2Q25, suggestingpossiblesigns of recovery. Well-positioned to benefit from the trend of onshore manufacturing intheUS.Amid the currentgeopolitical environment, there is a clear uptick inbuilding manufacturingcapacity intheUS.Whethergreenfieldorbrownfieldinvestments,TMO’s businesses,such as bioproduction and analyticalinstruments, are expected to capture incremental demand from such trend.However, given the long lead times associated with facility construction intheUS, the demandis expected to materialize in2027-28. TMO’s facilities intheUS are playing a critical role in enabling clientsto rapidly scale theironshorecapacities. In September, TMO completed the acquisition ofSanofi’s NewJersey facilities,aimingtoexpand TMO’s US DPmanufacturing capacity. Source: FactSet Maintain BUY.We raise our TP from US$553 to US$654 (WACC:7.84%,terminal growth: 2.0%) to reflect our improvedoutlook on macro environment.We forecast its revenue to grow by 3.6%/ 5.2%/ 6.5% YoY andadjusted EPSto increase by3.7%/ 8.7%/ 11.1% YoY in 2025E/ 26E/ 27E, respectively. Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst covered in this report: (1) allof the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this researchreport within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 monthsHOLD: Stock with potentialreturn of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark overnext 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad mar