Daiwa raised its target price on WuXi AppTec (02359.HK) to HK$190 from HK$138,
kept a Buy rating and named the stock a China CXO top pick. The broker lifted
adjusted non‑IFRS net profit forecasts for this year and next by 13.5% and
21.3%. WuXi reported Q1 recurring operating revenue up 39.4% YoY and adjusted
non-IFRS net profit up 71.7% YoY, beating consensus and company guidance, driven
by small‑molecule CDMO contribution, increased project deliveries and a low Q1
2025 base. Daiwa left full‑year TIDES revenue growth guidance at 40% and said
the strong Q1, rising backlog and healthy new order intake support confidence in
2026 TIDES delivery and the potential for upward revision to FY2026 guidance.
Inclusion on China’s 1260H list is not expected to affect the company’s near‑ to
medium‑term outlook, Daiwa added.
