Huaxi Securities: Maintain a "buy" rating on Pharmaron, with a continuous business revenue growth forecast for 2026 of 18% to 22%.

Huaxi Securities research report pointed out that the performance of WuXi AppTec exceeded market expectations, with a guidance of 18%-22% for continued business revenue growth in 2026, maintaining a key recommendation. The company's revenue from continued operations in 2025 reached 43.42 billion yuan, a year-on-year increase of 21.4%, continuing the rapid growth trend and surpassing the previous company guidance. The TIDES business continues to contribute to the company's performance elasticity, with revenue from TIDES business reaching 11.37 billion yuan in 2025, a year-on-year increase of 96.0%. In the fourth quarter of 2025 alone, revenue reached 3.53 billion yuan, a year-on-year increase of 56.9%, maintaining high-speed growth in performance. Looking ahead, with the marginal improvement of domestic and foreign market conditions, we expect laboratories to continue the trend of marginal improvement in the coming years. Considering the subsequent impact of the global investment and financing market conditions and the impact of divesting some ATU business and equipment testing, clinical trials, and other businesses, we have adjusted the previous profit forecasts. That is, the revenue for 2026-2028 has been adjusted from 52.416/61.147/NA billion yuan to 52.157/61.736/72.375 billion yuan, and EPS has been adjusted from 5.69/6.73/NA yuan to 7.29/8.56/9.98 yuan, corresponding to a closing price of 94.73 yuan per share on March 26, 2026, with PEs of 13/11/9 times respectively, maintaining a "buy" rating.