External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Healthy earnings growth in 1Q23. WuXi AppTec reported 1Q23 revenue of RMB8,964mn, up 6% YoY.</li><li>It posted attributable recurring net income of RMB1,869mn, up 9% YoY, and attributable adjusted non-IFRS net income of RMB2,342mn, up 14% YoY.</li><li>1Q23 revenue / adjusted Non-IFRS net income accounted for 21%/ 22% of our 2023 full-year estimates, which were also in line with its historical range. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Healthy earnings growth in 1Q23. WuXi AppTec reported 1Q23 revenue of RMB8,964mn, up 6% YoY.It posted attributable recurring net income of RMB1,869mn, up 9% YoY, and attributable adjusted non-IFRS net income of RMB2,342mn, up 14% YoY.1Q23 revenue / adjusted Non-IFRS net income accounted for 21%/ 22% of our 2023 full-year estimates, which were also in line with its historical range. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec (603259 CH) – Healthy growth amid challenging environment

<ul><li>Strong earnings growth in 2022. WuXi AppTec reported 2022 revenue of RMB39.4bn, up 72% YoY, attributable recurring net income of RMB8.3bn, up 103% YoY, and attributable adjusted non-IFRS net income of RMB9.4bn, up 83% YoY.</li><li>The Company delivered resilient growth despite COVID-19 impacts through 2022, with revenue increasing by 71%/ 66%/ 78%/ 72% YoY for 1Q/ 2Q/ 3Q/ 4Q, respectively.</li><li>Considering the high revenue base of 2022, management guided positive revenue growth of 5-7% YoY for 2023E, and reiterated its revenue CAGR target of over 34% in 2021-24E. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong earnings growth in 2022. WuXi AppTec reported 2022 revenue of RMB39.4bn, up 72% YoY, attributable recurring net income of RMB8.3bn, up 103% YoY, and attributable adjusted non-IFRS net income of RMB9.4bn, up 83% YoY.The Company delivered resilient growth despite COVID-19 impacts through 2022, with revenue increasing by 71%/ 66%/ 78%/ 72% YoY for 1Q/ 2Q/ 3Q/ 4Q, respectively.Considering the high revenue base of 2022, management guided positive revenue growth of 5-7% YoY for 2023E, and reiterated its revenue CAGR target of over 34% in 2021-24E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec (603259 CH) – Non-COVID business to maintain solid growth

<div><div><div><div><ul><li>3Q22 earnings in line. WuXi AppTec reported 3Q22 revenue of RMB10.64bn, up 78% YoY (71%/66% YoY for 1Q/2Q22), attributable recurring net income of RMB2.38bn, up 143% YoY (106%/65% YoY for 1Q/2Q22), and attributable adjusted Non-IFRS net income of RMB2.47bn, up 82% YoY (118%/49% YoY for 1Q/2Q22).</li><li>The Company has experienced a strong recovery from COVID-19 disruption in 2Q22. Earnings are in line with our forecasts with 3Q22 revenue / adjusted Non-IFRS net income accounting for 27%/28%, respectively, of our 2022 full-year estimates.</li><li>Revenue growth in 3Q22 accelerated by 2.3 ppts to 80% YoY and adjusted Non-IFRS GPM improved by 2.3 ppts YoY to 38.6% under constant currency exchange rates. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

3Q22 earnings in line. WuXi AppTec reported 3Q22 revenue of RMB10.64bn, up 78% YoY (71%/66% YoY for 1Q/2Q22), attributable recurring net income of RMB2.38bn, up 143% YoY (106%/65% YoY for 1Q/2Q22), and attributable adjusted Non-IFRS net income of RMB2.47bn, up 82% YoY (118%/49% YoY for 1Q/2Q22).The Company has experienced a strong recovery from COVID-19 disruption in 2Q22. Earnings are in line with our forecasts with 3Q22 revenue / adjusted Non-IFRS net income accounting for 27%/28%, respectively, of our 2022 full-year estimates.Revenue growth in 3Q22 accelerated by 2.3 ppts to 80% YoY and adjusted Non-IFRS GPM improved by 2.3 ppts YoY to 38.6% under constant currency exchange rates. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec (603259 CH) – Strong Recovery Post COVID-19 Disruption

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul type="square"><li>The U.S. launched new support to its biotech production, aiming to boost biomanufacturing in pharmaceuticals but also in other industries such as agriculture, plastics, and energy.</li><li>The executive order would contain a plan for mass investments in related industries.</li><li>Shares of Wuxi Biologics (2269 HK, NR) and other CRO companies fell significantly yesterday (13 Sept) due to the fears of Chinese companies being targeted.</li></ul>

The U.S. launched new support to its biotech production, aiming to boost biomanufacturing in pharmaceuticals but also in other industries such as agriculture, plastics, and energy.The executive order would contain a plan for mass investments in related industries.Shares of Wuxi Biologics (2269 HK, NR) and other CRO companies fell significantly yesterday (13 Sept) due to the fears of Chinese companies being targeted.

The U.S. Executive Order on Its Biotech Industry May Not Materiality Affect Chinese CRO Industry

<div><div><div><div><ul><li>WuXi Chemistry delivered phenomenal growth despite COVID-19 interruptions, driven by strong growth from both COVID and non-COVID projects.</li></ul><div><div><div><ul><li>Cell and gene therapies (CGT) CDMO segment turned positive growth.</li></ul><div><div><div><div><ul><li>Expedited globalization pace. Besides the ongoing constructions of large- scale drug product manufacturing facilities in Delaware, US, WuXi AppTec announced to further invest US$1.4bn in next 10 years to build full-suite R&amp;D and manufacturing capabilities in Singapore.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

WuXi Chemistry delivered phenomenal growth despite COVID-19 interruptions, driven by strong growth from both COVID and non-COVID projects.Cell and gene therapies (CGT) CDMO segment turned positive growth.Expedited globalization pace. Besides the ongoing constructions of large- scale drug product manufacturing facilities in Delaware, US, WuXi AppTec announced to further invest US$1.4bn in next 10 years to build full-suite R&amp;D and manufacturing capabilities in Singapore.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec (603259 CH) – Growth momentum to accelerate in 2H22E

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (603259 CH)