Lyon said in a research note WuXi AppTec (02359.HK) Q3 results were in line:
continuing-operations revenue +43% YoY, net profit +136% YoY, adjusted non-IFRS
net profit +61% YoY. Biggest upside was total backlog for the first nine months,
up 36% YoY and well above market expectations. Management raised 2023
revenue-growth guidance for continuing operations to 40–42% from 35–39%. Lyon
raised its 2026–28 revenue forecasts by 2–5%, now forecasting revenue growth of
51% (2026), 32% (2027) and 20% (2028), and lifted profit forecasts by 5–10%.
Reiterated Outperform and maintained H-share target HK$262, based on 19x
adjusted 2026/27 consolidated PE.
