Huafu Securities: Maintains "Buy" rating for WuXi AppTec, strong growth in R/D/M three-end business.

According to a research report by Huafu Securities, WuXi AppTec's performance has exceeded expectations, with strong growth in its R/D/M three business segments. In the first half of 2026, it achieved a net profit attributable to the parent company of 11.08 billion yuan, and in the second quarter, it achieved a net profit of 6.43 billion yuan. As of the end of June 2026, the company's order backlog for its continuing operations stood at 66.43 billion yuan, with steady order growth. On the guidance front, the company raised its full-year revenue outlook from 51.3-53 billion yuan to 58.5-60.5 billion yuan, and increased the revenue growth rate for its continuing operations from 18-22% to 35-39%; full-year CAPEX has been raised from 6.5-7.5 billion yuan to 7.5-8.5 billion yuan. As a global leader in integrated CRDMO services, the company possesses leading customer resources, technological capabilities, operational efficiency, R&D capabilities, and project reserves. The prospects for new molecular business are promising, and it maintains a "Buy" rating.