强劲的CDMO需求推动2026年增长

Strong CDMO demand to fuel 2026 growth TargetPriceRMB133.00(Previous TPRMB123.35)Up/Downside42.0%Current PriceRMB93.68 WuXi AppTec reported impressive financial results for 2025, with revenuegrowing by 15.8% YoY (including 21.4% YoY growth for continuingoperations)and adj. non-IFRS attributable net profit expanding at a remarkable 41.3% YoY.The Company's 2025 revenue and adj. net profit beat our estimates by 2.7% and18.2%, respectively. Looking ahead, mgmt. projects 2026revenue to reach RMB China Healthcare Strong CDMO demand.As of 4Q25, the backlog for WuXi AppTec’scontinuing operations grew by 28.8% YoY (or 34% on aconstant currencybasis) to reach RMB58.0bn.Although this signifiesa decelerationfrom+45.8% YoY growth recorded asof 3Q25, we note that such growthis highlycommendable given the already massive absolute base ofbacklog, clearlyindicating the consistently high demand from global customers, particularlyforitsCDMO services. As of 4Q25, backlog for TIDESincreased by 20.2%YoY, accelerating from the +17.1% growth at the end of 3Q25. Mgmt.disclosed that the TIDES backlog has reached ~RMB20.0 bn. Based on thisfigure, we calculate that the backlog for other businessesbooked YoY Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Benchen HUANG, CFAhuangbenchen@cmbi.com.hk Early-stage businesses recovering with improvement in revenuegrowth.Within the chemistry segment, full-year revenue for small moleculedrug discovery services declined by 3.8% YoY (a marked improvement fromthe-28.7% YoY drop in 2024), with2H25seeing a narrowed decline of 2.2%YoY. Revenue from Testing segment grew by 4.7% YoY (vs-8.0% YoYin2024), driven by 8.8% YoY growthin 2H25. Similarly, revenue fromBiology Doublingdownon global capacity expansion.WuXi AppTec'scapexin2025 amounted to RMB5.54bn, representing a YoY surge of 38.5% (vs-27.5% YoY declinein 2024). To support ongoing global capacity build-outsand to capture future market opportunities, mgmt. anticipated 2026capextoreach RMB6.5-7.5 bn, implying a YoY increase of 17.3% to 35.4%. Notably, Source: FactSet Maintain BUY.We raise our DCF-based TP from RMB123.35 toRMB133.00(WACC: 9.39%, terminal growth: 2.00%; both unchanged), tofactorinto theupdatedguidance andour positive demand outlook.We nowexpect revenueto grow by 13.7%/ 15.7%/ 13.4% YoY (for continuingoperations:19.1%/ 15.7%/ 13.4%YoY) and adjusted non-IFRS net profit to Disclosures& Disclaimers Analyst Certification The 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 issuerthat the analyst covered in this report: (1) all of 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 tothe 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 ortraded in the stock(s) covered in this research report 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 coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15%over next 12 monthsHOLD: Stock with potential return 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 Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable for the purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed.This report is not and should not be construed as an offer or solicitation tobuy or sell any security or any interest insecurities or enter into any transaction.NeitherCMBIGMnor any of its affiliates,shareholders, agents, consultants, directors, officers or employees shall beliable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report.Anyonemaking use of the information contained in this report does so entirel