WuXi XDC (2268.HK): China Healthcare Corporate Day 2026 Takeaways: Order momentum intact; focusing on integration and overseas

研报英文原文证据摘录

WuXi XDC (2268.HK): China Healthcare Corporate Day 2026 Takeaways: Order momentum intact; focusing on integration and overseas

Goldman Sachs WuXi XDC (2268.HK)

price sensitive. BioDlink’s CDMO business was slightly above Rmb200mn revenue

last year, implying a relatively small near-term contribution to group guidance, but

management sees opportunities to support domestic clients and potentially build

AOC/PDC capabilities there over time; and (2) the Wuxi domestic site is expected to

undergo its first FDA inspection, which should help build experience in

commercial-scale execution. Over time, management sees potential to secure

additional commercial orders as track record strengthens.

n Singapore operations to prioritize GMP release, backlog build and execution

track record. Singapore remains on track, with GMP release for mAb and DS

expected around mid-July and DP to follow later. Current orders are mainly Phase

II-stage projects from the US/EU and Japan/Korea clients, with management

prioritizing existing customers and execution experience before broader new

customer onboarding. Large MNCs have visited the site and are focused on

operational capability, staffing and yield performance. D&A impact should be limited

this year, mainly in 2H, but could rise to close to Rmb100mn next year; management

expects GPM to remain around 35–36%, helped by strong utilization at

Wuxi/BioDlink and labor costs coming in better than earlier expectations.

Valuation and risks: Our 12m TP of HK$85.9 is based on a 12-month forward P/E of

35x. Key downside risk: 1) Slower demand from weak biotech funding; 2) Increasing

competition from global peers; 3) Geopolitical uncertainty; 4) Loss of key clients /

late-stage projects; 5) Delayed manufacturing expansion; 6) Clinical development risk of