HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

WuXi AppTec (603259.CH/2359.HK) - Interpretation of the Recent Proposed Disposal of A Shares

WuXi AppTec (2359.HK/603259.CH) - Not the Time to Be Happy Even After a Positive Profit Alert

2023 High Conviction Update: Sonoscape Medical (300633.CH) - High Growth Is Expected to Continue

About the CXO Plunge After Biden Signed National Biotechnology and Biomanufacturing Initiative

Wuxi Biologics (2269.HK) - Removed from UVL, but the Crisis Is Not Over

WuXi AppTec (603259.CH/2359.HK) 2022H1 - The Concerns Behind and the Outlook

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>WuXi AppTec’s 2022Q3 results beat the market expectations. The Company’s performance showed good recovery from the prior pandemic/lockdown, but it has not yet entirely reversed the trend of slowing growth.</li>
<li>Wuxi AppTec has a problem of decreasing future gross margins. Although the Q3 results could bring short-term catalyst for WuXi AppTec’s share price, such rebound may not last long.</li>
<li>We further analyzed WuXi AppTec's business, and we remain to be conservative on the Company, because the whole outlook and investment logic of CXO have changed. </li>
</ul>


WuXi AppTec’s 2022Q3 results beat the market expectations. The Company’s performance showed good recovery from the prior pandemic/lockdown, but it has not yet entirely reversed the trend of slowing growth.
Wuxi AppTec has a problem of decreasing future gross margins. Although the Q3 results could bring short-term catalyst for WuXi AppTec’s share price, such rebound may not last long.
We further analyzed WuXi AppTec's business, and we remain to be conservative on the Company, because the whole outlook and investment logic of CXO have changed. 


WuXi AppTec (603259.CH/2359.HK) 22Q3- It’s Too Early to Think That The Past Rapid Growth Has Resumed