野村：药明康德第一季度业绩强劲 维持目标价和“买入”

Core Viewpoint - Nomura maintains a target price of HKD 84.59 and a "Buy" rating for WuXi AppTec (02359.HK) following strong performance in Q1 2025, with revenue and profit growth returning to double digits and a 47% year-on-year increase in order backlog [1] Financial Performance - WuXi AppTec's Q1 revenue increased by 21% year-on-year to RMB 96.5 billion, which is considered optimistic despite a low base in Q1 2024 [1] - By business segment: - Chemical business revenue reached RMB 7.39 billion, up 32.9%, driven by strong growth in TIDES business, which saw a revenue increase of 187.6% to RMB 2.24 billion [1] - Testing business sales decreased by 4.9% year-on-year to RMB 1.29 billion, reflecting ongoing pricing pressure [1] - Biological business revenue was RMB 607 million, showing an 8.2% year-on-year increase [1]