中金：上调药明生物目标价至 19.09 港元 维持 “跑赢行业” 评级

CICC published a report stating that WuXi Biologics announced an agreement with Merck for its vaccine factory in Ireland, where Merck will acquire WuXi Biologics' vaccine facility in Ireland, with a total transaction amount of approximately USD 500 million. The company expects this transaction to meet customary closing conditions in the first half of the year. CICC believes that through this transaction, WuXi Biologics can further enhance asset efficiency and profit margins, focusing on the Suzhou base to provide more clients with vaccine CDMO services, while also benefiting the company's liquidity for capacity expansion and stock repurchase. It also believes that this transaction demonstrates the company's ability to build and operate world-leading complex vaccine production facilities according to the international standards of global vaccine giants. The firm maintains its earnings forecasts for WuXi Biologics for 2024 and 2025, and introduces its first earnings forecast for 2026 at CNY 4.693 billion. The firm maintains an "outperform industry" rating and raises its target price by 15% to HKD 19.09, considering the systematic upward adjustment in the pharmaceutical sector