CMB International: Maintains target price of 9.4 Hong Kong dollars for SINO BIOPHARM (01177), rating "buy"

CMB International released a research report stating that based on the DCF model, it maintains a target price of HK$9.4 for SINO BIOPHARM (01177) and a "buy" rating, and expects the group's revenue growth rates for 2025-2027 to be 19.1%, 4.4%, and 10.6% respectively. The bank also predicts that the adjusted net profit growth rates for the group in 2025 and 2027 will be 81.3% and 11.3%, while in 2026, it is expected to decrease by 30%. The bank has not yet considered the potential contribution of external licensing to revenue and profit. SINO BIOPHARM recently announced the Phase II clinical results of its PDE3/4 inhibitor TQC3721, which showed that TQC3721 can rapidly improve patients' lung function and symptoms. The bank believes that TQC3721 has the potential to become a blockbuster drug and has potential for external licensing.