Huaxi Securities: Maintain "Buy" rating for WuXi AppTec, revise 2026 revenue guidance upward, and maintain core recommendation.

According to a research report by Huaxi Securities, Wuxi AppTec's performance significantly exceeded market expectations, raising the revenue guidance for 2026 and maintaining a core recommendation. In the first half of 2026, the company achieved an operating revenue of 28.897 billion yuan, a year-on-year increase of 38.93%, and a net profit attributable to the parent company of 11.08 billion yuan, a year-on-year increase of 29.43%. As of the end of June 2026, the company's backlog of sustained business orders was 59.77 billion yuan, a year-on-year increase of 23.6%, demonstrating rapid growth and laying a foundation for future performance growth. According to the company's mid-year report for 2026, it has raised its performance guidance for 2026, with revenue adjusted from 51.3-53.0 billion yuan to 58.5-60.5 billion yuan, and the year-on-year growth rate of revenue from ongoing business increased from 18%-22% to 35%-39%, while the adjusted net profit margin for 2026 remains relatively stable. Benefiting from the growth of pipeline molecules and progress into later stages, coupled with the release of capacity, the companys D&M business achieved revenue of 14.99 billion yuan in the first half of 2026, a year-on-year increase of 72.7%, continuing the trend of rapid growth. The rating is maintained at "Buy."