BOCOM INTL: Lowers CSPC PHARMA (01093) target price to 7.3 Hong Kong dollars and maintains a "Neutral" rating.
Recently, the renewal work for the first to eighth batches of centralized procurement has been initiated. The specific rules are still unclear, and the company has a number of existing varieties that may face price reductions and renewal risks, which need to be closely monitored.
BOCOM INTL released a research report stating that based on CSPC PHARMA's (01093) third quarter performance and management outlook for 2025, it has lowered the company's revenue forecast for 2025-27 by 5-8%, lowered the net profit forecast by 16-21%, and revised the target price to 7.3 Hong Kong dollars. The bank believes that the company's current opportunities and risks coexist, and the stock valuation is reasonable, maintaining a "neutral" rating.
CSPC PHARMA's revenue in the third quarter of 2025 was 6.62 billion yuan, slightly lower than the bank's and market expectations, but the absolute value of revenue and year-on-year growth rate improved significantly compared to the second quarter of 2025. The bank expects a more significant marginal recovery in the fourth quarter of 2025. The renewal work for the first to eighth batches of centralized procurement has recently started, and the specific rules are not yet clear. The company has many existing varieties facing price reductions and renewal risks, which require special attention.
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