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<Research> BofAS Lowers TP for CSPC Pharmaceutical (01177.HK) to HKD7.4, Raises Gross Margin Forecast, Reiterates 'Buy'
Recommend 3 Positive 6 Negative 2 |
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BofAS published a research report stating that CSPC Pharmaceutical (01177.HK) recorded a revenue of RMB31.8 billion last year, representing a year-on-year (YoY) increase of 10.3%. The sales revenue from innovative drugs reached RMB15.2 billion, marking a YoY growth of 26.2%, with its proportion of total revenue rising from 41.8% in 2024 to 47.8%. The profit attributable to shareholders during the period was approximately RMB2.3 billion, and the adjusted profit, excluding one-off gains and losses, was RMB4.5 billion, reflecting a YoY increase of 31.4%. Due to intensified competition, the firm lowered its revenue forecasts for several existing drugs but included sales forecasts for newly approved products, expecting drug sales to grow by 10% to 11% annually from 2026 to 2028. Additionally, the firm adjusted its revenue forecasts for the same period down by 2.6%, 1.1%, and 1.3%, respectively, while raising the gross margin forecast by 0.3 to 0.6 percentage points to reflect improved efficiency. The target price was reduced from HKD8.9 to HKD7.4, maintaining a 'Buy' rating. (ss/) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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