CMSC International: First Assigns JIANGXI BIO (06915) a Buy Rating with a Target Price of HK$23.6

CMSC International's research report states that JIANGXI BIO (06915) is accelerating its transition from a single leader in Tetanus Antitoxin (TAT) to a comprehensive antiserum platform. Its research pipeline focuses on fields with a severe supply shortage and is about to enter a harvest phase, initiating coverage with a "Buy" rating and a target price of HKD 23.6. The report indicates that the company is the largest supplier and exporter of human TAT in China and worldwide, and is one of the few antiserum companies in China to achieve a fully integrated industrial chain spanning "animal breeding - antigen immunization - plasma collection - antibody purification - product manufacturing." Investors are advised to pay attention to its long-term investment value as a hidden champion in the antiserum field. The report anticipates that the company's revenue will grow by 28%, 53%, and 56% year-on-year from 2026 to 2028, driven by the launch of a new generation of TAT in 2025, which will elevate average selling prices (ASP), the deepening of domestic centralized procurement, the recovery of overseas exports, and the systematic expansion of the veterinary medicine sector starting in 2026. The adjusted net profit for 2028 is expected to reach RMB 140 million.