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<Research> CMBI Lowers TP for CSPC Pharmaceutical (01177.HK) to HKD8.7 as Global Expansion Accelerates
Recommend 11 Positive 8 Negative 7 |
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CMBI's research report indicates that CSPC Pharmaceutical (01177.HK) announced its 2025 results, with revenue increasing by 10.3% year-on-year to RMB31.83 billion. Revenue from innovative products grew by 26.2% year-on-year to RMB1.52 billion, accounting for 47.8% of total revenue. Adjusted net profit attributable to shareholders rose by 31.4% year-on-year to RMB4.54 billion. Excluding dividends from Sinovac Biotech, the adjusted net profit attributable to shareholders still grew by 15% year-on-year. With the stabilization of generic drug revenue and continued strong sales of innovative drugs, the firm believes the company's performance will continue to grow steadily this year. Based on DCF, the firm lowered the group's target price from HKD9.4 to HKD8.7 to reflect the expected downgrade in non-BD revenue. The company is expected to achieve revenue growth of 13.5%, 7.1%, and 9.2% year-on-year from 2026 to 2028 (non-BD revenue: 10.5%, 10%, 9.2%), with adjusted net profit attributable to shareholders growing by 5.4%, 8.3%, and 10.5% year-on-year. The "Buy" rating is maintained. (hc/a) 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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