＜Research＞BOCI: WUXI APPTEC (02359.HK) 1H24 Results in Line, Order Book on Hand Beats

　　BOCI highlighted in a report that WUXI APPTEC (02359.HK) +1.350 (+4.696%) Short selling $8.86M; Ratio 7.301% achieved revenue of RMB17.2 billion in 1H24, with non-Covid revenue essentially flat YoY, in line with the broker's expectations. In 2Q24, revenue elevated 16% QoQ, partly driven by the TIDES business.

　　The company's customer mix remained largely stable. It added 300 and 200 new customers in 1Q and 2Q respectively to its active customer base of over 6,000 customers. In 1H24, non-Covid revenues from the world's top 20 pharmaceutical companies grew 12% YoY, with revenues from the US accounting for 62% of total revenues, while US non-Covid revenues declined 1.2% YoY.

　　Related NewsCiti: WUXI APPTEC (02359.HK) 1H24 Results in Line with Forecasts

　　As of 30 June, WUXI APPTEC's order book on hand reached RMB43 billion, up 33% YoY and 23% HoH, exceeding BOCI expectations. Company management reiterated its full-year guidance, expecting non-Covid revenue to grow 2.7%-8.6% YoY, capital expenditure to be around RMB5 billion amidst the target of expanding global production capacity, and free cash flow to be in the range of RMB4 billion to RMB5 billion.

　　BOC maintained its Buy rating and $47 target price on WUXI APPTEC.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-29 16:25.)

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