Quick Note - Wuxi Bio (2269 HK) (Buy) - FY26E topline guidance reaffirmed and mid-term topline growth target provided

研报英文原文证据摘录

Quick Note - Wuxi Bio (2269 HK) (Buy) - FY26E topline guidance reaffirmed and mid-term topline growth target provided

Global Markets Research

Wuxi Bio 2269.HK 2269 HK 31 May 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

FY26E topline guidance reaffirmed and mid-term topline growth target provided Rating Remains Buy

Target price HKD 50.54 RemainsQuick Note

Closing price HKD 33.34 29 May 202669 new projects signed in 4M26, reaffirmed 13-17% revenue growth in 2026E, and a

20% revenue CAGR targeted for the next three years

On 31 May evening, the company posted business updates for 4M26 and outlook for

2026E; we summarize the key contents below. Research Analysts

China Health Care & 1. The company added a total of 69 new integrated projects in 4M26 (vs 86 in 1H25) and Pharmaceuticals

around two-thirds of these projects came from the US and the EU. The number of Jialin Zhang, CFA, CPA - NIHK

phase III projects rose to 78 while that of commercial stage stayed at 25, unchanged jialin.zhang@nomura.com

from that in end-2025. Total integrated projects came to 982 (vs 945 by end-2025) in +852 2252 6134

4M26, among which bi-/multi-specifics accounted for 211. Newly added bi-/multi-

specifics projects grew by 50%+ y-y as of 4M26.

2. Management reaffirmed 13-17% y-y growth (16%-20% y-y growth excluding FX) in

2026E revenue, partially driven by top three manufacturing projects with each

generating over USD100mn in 2026E. It also expects a 20% CAGR of revenue over

2026-29E, led by a 30% CAGR in manufacturing (M) revenue that would be partially

driven by additional manufacturing projects, with each generating USD100mn+ per

year.

Along with share buyback, this voluntary update suggests solid operation and

undervalued share price. Maintain Buy and TP of HKD50.54