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<Research>G Sachs: CN CDMO Sector Solid; WUXI APPTEC/ ASYMCHEM/ Others Liked
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The results of CDMO companies reflect that the sector's cycle remains resilient, with visibility being increasingly dependent on exposure to late stage and commercialization projects rather than early-stage financing conditions, Goldman Sachs published a research report saying. AI has not caused structural disruption to order volume, order backlog quality or pricing. In terms of stocks, the broker held a more positive attitude on stocks rated at Buy, including WUXI APPTEC (02359.HK), ASYMCHEM (06821.HK), MEDBOT-B (02252.HK) and EDGE MEDICAL-B (02675.HK). Furthermore, Goldman Sachs upgraded AK MEDICAL (01789.HK) to Buy, reflecting a restart in execution, margin improvement and clearer mid-term visibility. The broker also upgraded MICROTECH MED-B (02235.HK) to Neutral, as the impact of domestic competition was better than expected and the company is progressing toward its 2026 guidance in an orderly manner. On the contrary, Goldman Sachs remained cautious on WEIGAO GROUP (01066.HK)/ TOPCHOICE MEDICAL (600763.SH), and downgraded them to Neutral/ Sell respectively. The former is pressured by ongoing VBP-related margin pressure and weak short-term growth, while the latter's accelerated revenue recovery remains uncertain, with limited upside room. Auto-translated by AI AASTOCKS Financial News |
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