According to a research report published by Goldman Sachs, new orders for the first three quarters of the year increased by about 60% year on year, further accelerating the 40% year-on-year increase from the first half of the year. The momentum for small molecule projects in the third phase and commercialization phase was strong; improvements in demand and pricing, as well as AIDD/AI4S opportunities, also led to continued recovery in early business. Coupled with resilient profit margins and increased visibility of backlog orders, Goldman Sachs believes that the risk return for the next 9 to 12 months will become more attractive. The bank raised its non-IFRS net profit forecast for 2026 to 2028 by 0.6%, 3.1% and 4.3% respectively to reflect stronger backlog growth and maintain a “buy” rating. The target price for H shares was raised from HK$242.6 to HK$251, while the target price for A-shares was raised from $205.9 to $213.

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