1Q26结果：维持有机增长目标

organic growth target 1Q26 results: Maintaining organic growth target Target PriceUS$620.00(Previous TPUp/DownsideCurrent PriceUS$469.71 Thermo Fisher(TMO) reported 1Q26 revenue of US$11.01bn, up 6.2% YoY, withadj. EPS of US$5.44, up 5.6%YoY,primarily driven by bioproduction, CDMO andclinical CRO operations. Analytical instruments posted a 2% decline in organicrevenue, weighed down bythesoft demand from academic and government end-markets in bothUS and China. 1Q26revenue/adj.EPSbeatBBGconsensusby1.5%/3.8%, respectively.On the back of stronger-than-expected 1Q26 resultsandconsolidation of Clario, mgmt. raisedfull-year guidance,expecting revenue China Healthcare Benchen HUANG, CFAhuangbenchen@cmbi.com.hk Proactive response tochallenging global macro environment.Mgmt.acknowledgedthat the Middle East conflict has introduced incrementalinflationarypressure,and has built in a buffer within its guidance toaccommodatepotential increases in supply-chain and logistics costs.Furthermore,mgmt.noted that US manufacturing reshoring has transitionedfrom policy rhetoric to tangible orders,anticipatingCDMO and bioproduction Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Organic growth target maintained.TMO delivered 1% organic growth in1Q26 (vs. +2% YoY in 2025), whichmgmt.attributed to fewer selling daysand the timing ofCDMOrevenue (~1pptdragfor each).Supported by a lowbase in analytical instruments following last year’s tariff implementation,additional selling days in 4Q26, and the inherent seasonality of CDMOservices,mgmt.guided to~3% organic growth in 2Q26 and maintained itsfull-year organicgrowthtargetof 3–4%, signalling confidence in the annual Immediate financial accretion and strategic synergy from the Clarioacquisition.The landmark US$8.9bn acquisitionof Clario,a leading providerof endpoint datafor clinical trials,was completed in Mar2026. Mgmt.expectsClario’sconsolidation to contribute US$0.9bn in revenue and US$0.32 in adj.EPSin 2026, providing a meaningful incremental boost to full-yearresults.Strategically, Clariois highly complementary to TMO’s clinical research Source: FactSet Maintain BUY.To reflectClario’sconsolidationand macro uncertainties, weraiseforecastonTMO’s revenuebut keeparelatively conservativeviewonbottomline. We forecast revenueto grow by 6.6%/ 6.5%/ 6.7% YoYand adj.EPS to increase by 7.7%/ 6.6%/ 8.9% YoY in 2026E/ 27E/ 28E, respectively.Wecut TP fromUS$670to US$620(based on a 10-yearDCF model with Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this researchreport, in whole or in part, certifies that with 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 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 research report within 30 calendar days prior to thedate 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 Ratings BUY: 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 forthe 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.An