External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We expect WuXi Bio’s revenue to grow by 11% YoY in 1H23E and attributable adjusted net income to stay flat in 1H23E, mainly due to the relatively high base in 1H22 and the reduced revenue from COVID-related projects.</li><li>In 5M23, the Company added 25 new projects into its pipeline, including 8 external projects under its “Win-the-Molecule” strategy. Despite the sizable capacity additions in 2022 (i.e., MFG7 in Ireland and MFG8 in Shijiazhuang, each with a capacity of 48k L), we forecast WuXi Bio to maintain a satisfying margin level thanks to effective cost controls through the continuous execution of WBS (WuXi Biologics Business System) which targets to improve gross profit margin (GMP) by 300bps in 2023.</li><li>WuXi Bio management maintained its full-year guidance unchanged with revenue growth of 30% YoY and attributable adjusted net income of 26% YoY for 2023E. </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>

We expect WuXi Bio’s revenue to grow by 11% YoY in 1H23E and attributable adjusted net income to stay flat in 1H23E, mainly due to the relatively high base in 1H22 and the reduced revenue from COVID-related projects.In 5M23, the Company added 25 new projects into its pipeline, including 8 external projects under its “Win-the-Molecule” strategy. Despite the sizable capacity additions in 2022 (i.e., MFG7 in Ireland and MFG8 in Shijiazhuang, each with a capacity of 48k L), we forecast WuXi Bio to maintain a satisfying margin level thanks to effective cost controls through the continuous execution of WBS (WuXi Biologics Business System) which targets to improve gross profit margin (GMP) by 300bps in 2023.WuXi Bio management maintained its full-year guidance unchanged with revenue growth of 30% YoY and attributable adjusted net income of 26% YoY for 2023E. 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 Biologics (2269 HK) – 2023E growth outlook remains intact

Wuxi Biologics

WuXi Biologics (2269 HK) – 2023E growth outlook remains intact