First Read: Wuxi Biologics "Healthcare virtual tour takeaways: robust..."

研报英文原文证据摘录

First Read: Wuxi Biologics "Healthcare virtual tour takeaways: robust..."

Global Research

2 July 2026ab

First Read

EquitiesWuxi Biologics

Healthcare virtual tour takeaways: robust China

demand momentum continues Healthcare Providers

12-month rating Buy

12m price target HK$51.10

2026 guidance reiterated; new modality demand remains strong

Prior : HK$49.30

We hosted Wuxi Biologics at our Healthcare Virtual Tour series. Management reiterated

its 2026 guidance of 13%–17% YoY revenue growth, or 16%–20% excluding FX Price (02 Jul 2026) HK$35.86

impact, despite the ongoing FX pressure, implying mgmt. confidence in underlying RIC: 2269.HK BBG: 2269 HK

demand and operational execution. New order momentum remained healthy in May–

Trading data and key metrics

June following a strong January–April period, with Europe/US continuing to grow and

China showing a solid recovery trend. New modalities remain the key driver, especially 52-wk range HK$42.18-25.05

bispecifics, where new project additions were up over 50% in January–April and the Market cap. HK$149b/US$18.9b

trend continued thereafter. Pricing trends are turning more favourable, with new Shares o/s 4,143m (ORD)

contracts seeing 5%–15% price increases versus the historical 3%–5% price hike in Free float 80%

prior years. Management highlighted that higher-priced orders signed early this year will Avg. daily volume ('000) 28,325

be partially booked into 2026 revenue, while a larger portion should support revenue Avg. daily value (m) HK$940.1

growth next year, underpinning its 20% revenue CAGR target over the next three years, Common s/h equity (12/26E) Rmb64.5b

with manufacturing expected to grow at a 30% CAGR. P/BV (12/26E) 2.0x

Net debt to EBITDA (12/26E) NM

Capacity expansion on track to accommodate elevated demand