小摩上调2025年至2027年销售预测2%至5%，2028年及以后销售预测上调6%至9%，因现预期新订单获 取势头更佳。该行现预测2026年及2027年销售分别增长17.3%及18.0%。由于毛利率扩张超出预期，该 行亦上调毛利率假设2至3个百分点，预计2025年、2026年及2027年毛利率分别为46.0%、46.2%及 46.5%。该等更新转化为对2025年至2027年盈利预测上调13%至23%。小摩现预测2026年及2027年股东 应占经调整净利润分别增长17.4%及20.9%。 摩根大通发布研报称，药明生物(02269)2025年业绩预告超出市场共识及摩根大通预期。该行将目标价 由37港元上调至51港元，并将目标价截止日期延长六个月至2026年12月，维持"增持"评级。 公司预计全年收入为218亿元人民币(下同)，同比增长16.7%，大致符合市场共识及小摩预测。净利润预 计达49亿元，分别较市场共识及小摩预测高出约11%及17%。经调整一次性成本后，非国际财务报告准 则净利润预计上升22%至65.9亿元。是次盈利预告，连同近期于小摩全球医疗保健会议上强调的持续项 目势头，增强该行对药明生物今年及以后增 ...

公司预计全年收入为218亿元人民币(下同)，同比增长16.7%，大致符合市场共识及小摩预测。净利润预 计达49亿元，分别较市场共识及小摩预测高出约11%及17%。经调整一次性成本后，非国际财务报告准 则净利润预计上升22%至65.9亿元。是次盈利预告，连同近期于小摩全球医疗保健会议上强调的持续项 目势头，增强该行对药明生物今年及以后增长前景的信心。 小摩上调2025年至2027年销售预测2%至5%，2028年及以后销售预测上调6%至9%，因现预期新订单获 取势头更佳。该行现预测2026年及2027年销售分别增长17.3%及18.0%。由于毛利率扩张超出预期，该 行亦上调毛利率假设2至3个百分点，预计2025年、2026年及2027年毛利率分别为46.0%、46.2%及 46.5%。该等更新转化为对2025年至2027年盈利预测上调13%至23%。小摩现预测2026年及2027年股东 应占经调整净利润分别增长17.4%及20.9%。 智通财经APP获悉，摩根大通发布研报称，药明生物(02269)2025年业绩预告超出市场共识及摩根大通预 期。该行将目标价由37港元上调至51港元，并将目标价截止日期延长六个月至2 ...

里昂发布研报称，药明生物(43.62,2.22,5.36%)(02269)就2025年下半年业绩发盈喜，当中收入预计同比 增长17%，大致符合预期，而纯利同比升38%至26亿元人民币；经调整纯利增31%至37亿元人民币，均远胜市场 预期。维持目标价48.5港元，评级为"跑赢大市"。 另外，毛利率同比增6.2个百分点至48.8%，属是次盈喜中的核心利好惊喜，亦是盈利表现胜预期的主要驱 动力。该行表示，在中国的医药合约研发机构(CRO)和医药合同研发生产机构(CDMO)行业中，药明生物仍是其 中一只首选股。 药明生物(02269):下半财年纯利远胜预期,续列行业首选 里昂证券 ...

美银证券发表研报指，药明生物发盈喜，预计2025年收入按年增长16.7%至218亿元，符合该行预期， 受惠于破纪录的新增项目数量，以及服务范围扩展，尤其在BsAb和ADC平台方面。毛利率按年扩张5个 百分点至46%，好过该行预期，主要因产能利用率提升，以及精益运营管理系统(WBS)推动效率改善。 净利润及归属股东净利润分别为57亿及49亿元，按年增长45.3%及46.3%。该行将2025至27年收入预测 微升1%，净利润预测上调7%至12%；目标价由41.8港元上调至47港元，重申"中性"评级。 来源：滚动播报 ...

Core Viewpoint - Bank of America Securities reports that WuXi Biologics has issued a positive earnings forecast, expecting a 16.7% year-on-year revenue growth to reach 21.8 billion yuan by 2025, aligning with the bank's expectations [1] Revenue and Growth - The revenue growth is attributed to a record number of new projects and an expansion of service offerings, particularly in the BsAb and ADC platforms [1] - The revenue forecast for 2025 to 2027 has been slightly increased by 1% [1] Profitability - Gross margin is expected to expand by 5 percentage points year-on-year to 46%, surpassing the bank's expectations due to improved capacity utilization and efficiency gains from the Lean Operations Management System (WBS) [1] - Net profit and net profit attributable to shareholders are projected to be 5.7 billion yuan and 4.9 billion yuan, respectively, reflecting year-on-year growth of 45.3% and 46.3% [1] - Net profit forecast has been raised by 7% [1] Target Price and Rating - The target price has been adjusted from 41.8 HKD to 47 HKD, while maintaining a "Neutral" rating [1]

Core Viewpoint - Nomura's report indicates that WuXi Biologics has announced a profit forecast, expecting a 16.7% year-on-year revenue growth to 21.8 billion yuan in 2025, slightly above the market expectation of 21.5 billion yuan [1] Revenue and Profit Forecast - The gross margin is expected to improve by 5 percentage points year-on-year to 46%, also exceeding the market expectation of 43% [1] - Net profit and profit attributable to shareholders are projected to grow by 45.3% and 46.3% year-on-year, reaching 5.7 billion yuan and 4.9 billion yuan, respectively, surpassing market expectations of 4.8 billion yuan and 4.4 billion yuan [1] - For the second half of 2025, revenue is estimated to grow by 17.2% year-on-year to 11.8 billion yuan, with profit growth of 38%, both exceeding market expectations [1] Management Insights - Management attributes the growth to optimistic performance in research service revenue and an increase in projects entering later stages due to enhanced service capabilities [1] Target Price Adjustment - Nomura has raised its target price from 37.36 HKD to 50.54 HKD, maintaining a "Buy" rating [1]

Core Viewpoint - Morgan Stanley forecasts that WuXi Biologics (02269) stock price will rise in the next 45 days, with a probability between 70% to 80% [1] Financial Projections - The earnings forecast for WuXi Biologics for 2026 to 2030 has been raised by 4% to 10% due to accelerated revenue growth and margin expansion [1] - Target price has been increased from HKD 45 to HKD 50, maintaining an "Overweight" rating [1] Company Performance Indicators - The company previously issued a positive earnings forecast, with management indicating accelerated growth for the fiscal year 2026 [1] - The number of integration projects for 2025 is expected to increase by 16%, alongside strong momentum in research services, indicating robust performance for 2026 [1] - The momentum in research services is anticipated to generate revenue related to intellectual property (IP), further enhancing profitability [1] Strategic Partnerships and Growth - Recently, the company has entered into licensing agreements with Vertex and Zai Lab (09688) [1] - Strong growth is expected in the manufacturing sector, with the company mentioning "multiple blockbuster drugs" on the horizon [1] - The company completed 28 Process Performance Qualifications (PPQ) in 2025, a 75% year-on-year increase, viewed as a leading indicator for future commercialization contracts [1]

Core Viewpoint - Morgan Stanley anticipates that WuXi Biologics' stock price will rise in the next 45 days, with a probability estimated between 70% to 80% [1] Group 1: Financial Performance and Projections - The company previously issued an earnings upgrade, with management indicating accelerated growth for the fiscal year 2026 [1] - The number of integration projects for 2025 is expected to increase by 16%, reflecting strong momentum in research services [1] - The strong momentum in research services is expected to generate revenue related to intellectual property (IP), further enhancing profitability [1] Group 2: Strategic Partnerships and Growth Indicators - Recently, the company has entered into licensing agreements with Vertex and Zai Lab [1] - WuXi Biologics anticipates strong growth in its manufacturing segment, with several blockbuster drugs expected [1] - The company completed 28 process performance qualifications (PPQ) in 2025, representing a year-on-year growth of 75%, which is viewed as a leading indicator for future commercialization contracts [1] Group 3: Earnings Forecast and Target Price Adjustment - Based on accelerated revenue growth and margin expansion, Morgan Stanley has raised its earnings forecasts for 2026 to 2030 by 4% to 10% [1] - The target price has been adjusted from HKD 45 to HKD 50, while maintaining an "Overweight" rating [1]

Core Viewpoint - WuXi Biologics expects a revenue growth of approximately 16.7% to RMB 21.79 billion by 2025, with a gross margin increase of about 5 percentage points to 46.0% [1] Company Summary - The annual profit attributable to equity shareholders is projected to grow by approximately 45.3% to RMB 5.733 billion and by about 46.3% to RMB 4.908 billion [1] - WuXi Biologics is the largest weighted stock in the Hong Kong Stock Connect Medical ETF, accounting for over 16% of the index [1] Industry Summary - The global biotech and pharmaceutical investment and transaction activities are expected to significantly recover in 2025, driven by the flourishing development of innovative drug technology platforms [1] - The demand in the CXO industry is anticipated to fully recover, with industry prosperity likely to continue into 2026 [1] - The Hong Kong Stock Connect Medical ETF has seen a significant increase in trading volume, achieving seven consecutive days of gains as of February 11 [1]

智通财经APP获悉，药明生物(02269)再涨超6%，截至发稿，涨5.6%，报43.72港元，成交额8.78亿港 元。 消息面上，药明生物近日发布业绩预告，预计2025年收益将增长约16.7%至217.9亿元人民币；归母净利 润将同比增长46.3%至49.08亿元；经调整利润将同比增长22.0%至65.86亿元；毛利率将提升至46.0%， 同比增加约5个百分点。 里昂发布研报称，药明生物就2025年下半年业绩发盈喜，预计收入按年增长17%，大致符合预期；经调 整纯利按年增长31%至37亿元，均远胜市场预期；毛利率按年增6.2个百分点至48.8%，为此次盈喜中的 核心利好惊喜，亦是盈利表现胜预期的主要驱动力。该行表示，在中国CRO和CDMO行业中，药明生 物仍是首选股之一， ...