《Dagong》 JiaoTong International cuts target price for WuXi AppTec (02268.HK) to HK$80. Despite exchange-rate fluctuations, earnings are still expected to achieve high growth.

BOCI International released a report saying that WuXi AppTec (02268.HK) +3.250 (+5.556%) was shorted for $103 million; the shorting ratio was 25.521%. Management said that the company’s new signed orders denominated in USD performed well in the first half of this year, mainly driven by the surge in downstream R&D demand and dealmaking and investment enthusiasm in the XDC sector, especially strong demand from overseas customers. With the Singapore plant nearing GMP clearance, the first CMO project expected to generate revenue from 2027 onward, and additional raw material and drug substance and formulation capacity brought by the acquisition of Dongyao, the broker believes there is higher certainty that the company can meet management’s earnings guidance.

However, considering that near-term performance may be affected by one-off factors, BOCI International has cut its revenue forecasts for WuXi AppTec for 2026 to 2028 by 4%, and reduced its forecast for attributable net profit by 15% to 23%, to reflect short-term impacts from FX fluctuations, an increase in one-off financial expenses due to the consolidation of Dongyao Pharmaceutical’s acquisition (though revenue contribution may be limited), and rising SG&A expenses. Its adjusted net profit forecast is also lowered by 4% to 14%.

Related content: WuXi AppTec (02268.HK) share price rises 8.9%; BOCI International expects the long-term positive trend to remain unchanged; maintains a “Buy” rating. The broker cuts its target price for WuXi AppTec to HK$80, maintains a “Buy” rating, and continues to keep the CXO sector as a key recommended area. (ad/u)(Hong Kong stock quotes are delayed by at least fifteen minutes. Short selling data as of 2026-07-15 12:25.)