First Read: WuXi XDC

研报英文原文证据摘录

First Read: WuXi XDC

Global Research

2 July 2026ab

First Read

EquitiesWuXi XDC

Healthcare virtual tour takeaways: H1 in good China

sales momentum; new sites progressing on track Healthcare Providers

12-month rating Buy

12m price target HK$89.40

2026/mid-term guidance intact; H1 reinforce ADC CDMO demand visibility

We hosted WuXi XDC during the healthcare virtual tour (register here for the meetings

on 3 July), with management reiterating FY26 revenue guidance of c.35% YoY growth Price (02 Jul 2026) HK$58.80

(in US$ terms) and mid-term 2026–30 revenue CAGR guidance of 30–35%. Mgmt RIC: 2268.HK BBG: 2268 HK

mentioned that the H1 order intake remained strong and was mainly driven by US

Trading data and key metrics

customers, while project mix continued to expanding into more complex conjugation

modalities. Management highlighted a volume-and-price uplift trend: innovative 52-wk range HK$85.10-42.95

conjugation projects carry higher technical complexity and better pricing than traditional Market cap. HK$74.2b/US$9.46b

ADC work, while USD-based quotes to US clients have also been adjusted upward Shares o/s 1,261m (ORD)

alongside FX movements. Together with high utilization across existing sites, this Free float 24%

supports confidence in 2026 revenue delivery and a broadly stable gross margin versus Avg. daily volume ('000) 4,951

2025, despite some early-stage drag from new capacity and BioDLink integration. Avg. daily value (m) HK$270.8

Common s/h equity (12/26E) Rmb12.8b

BioDLink and Singapore sites progressing well P/BV (12/26E) 5.0x

Capacity expansion remains the key execution topic. BioDLink was consolidated from 1 Net debt to EBITDA (12/26E) NM

April after completion of the offer acquisition, with the Suzhou site now undergoing

EPS (UBS, diluted) (Rmb)