BOC International: Raises WuXi AppTec's target price to HKD 127, third-quarter performance exceeds expectations
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BOC International raised the target price of WuXi AppTec to HKD 127, maintaining a "Buy" rating. WuXi AppTec's third-quarter performance exceeded expectations, with revenue increasing by 15% year-on-year to RMB 12.1 billion and net profit growing by 53% to approximately RMB 3.5 billion. New orders increased by 18% year-on-year, with the order backlog reaching RMB 60 billion, expected to convert within 18 months, supporting visibility for growth in 2026. Management has raised the full-year revenue growth guidance to 17%-18%
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