Morgan Stanley indicated that WUXI APPTEC's full-year and fourth-quarter revenue and adjusted Net income margin met the bank's expectations last year, and the guidance for this year also aligns with expectations, with further improvement in Net income margin on a high base. The bank stated that the company's Business is accelerating this year, supported by a 47% year-on-year increase in Orders last year. The company is increasing capital expenditure to expand Global capacity, and the free cash flow situation remains healthy. The bank believes that WUXI APPTEC's performance and guidance strengthen confidence in its sustained strong fundamentals and believes that the stock's value re-evaluation is achievable, reiterating the 'Shareholding' rating and a Target Price of HKD 74.3.