WuXi XDC: Buy Rating on Accelerating Growth, Capacity Expansion, and Strengthened Competitive Position Post-BioDlink Acquisition

CMB International Securities analyst Jill Wu maintained a Buy rating on WuXi XDC Cayman, Inc. today and set a price target of HK$88.00.

Jill Wu has given his Buy rating due to a combination of factors tied to WuXi XDC’s strong growth trajectory and reinforced competitive position. The company has guided to very robust earnings expansion for 2025, with revenue and profit expected to grow at high double‑digit rates, underpinned by a surge in new integrated projects and a sharp increase in PPQ‑stage contracts that signal rising visibility for future commercial manufacturing income. Management also expects a meaningful contribution from both novel XDC projects and commercial‑stage projects by 2030, reflecting solid positioning in high‑value, cutting‑edge modalities and an improving revenue mix.

Jill Wu’s rating is based on the view that the planned acquisition of BioDlink will significantly strengthen WuXi XDC’s manufacturing capacity and client coverage at a time when demand for ADC and other XDC services is outpacing supply. By adding BioDlink’s established CDMO operations and sizable DS and DP capacity, WuXi XDC should be better able to capture incremental orders and accelerate commercialization opportunities. Reflecting the improved demand outlook and enhanced global competitiveness, she has raised the target price to HK$88 and projects sustained, strong top‑ and bottom‑line growth over 2025–2027, which supports a positive risk‑reward profile for the shares despite not yet including the potential financial uplift from the BioDlink consolidation.