Daiwa: Initiates coverage on WuXi AppTec with "Outperform" rating, target price of HKD 86

The data report released by Daiwa Securities stated that Pharmaron revenue in the past year reached 5.944 billion RMB, a year-on-year increase of 46.7%, gross profit reached 2.139 billion RMB, a year-on-year increase of 72.5%, and adjusted net profit reached 1.559 billion RMB, a year-on-year increase of 69.9%, all slightly higher than the previously announced profit expectations. The report mentioned that Pharmaron reiterated its guidance for a compound annual growth rate of 30% to 35% in revenue from 2025 to 2030, higher than Frost & Sullivan's industry forecast of 25.6%. The report set its target price at 86 Hong Kong dollars and rated it as "neutral."