Bank of America Securities: Raises target price for CSPC PHARMA (01093) to HKD 8.6, reiterates "Underperform" rating.

Bank of America Securities released a research report stating that CSPC PHARMA (01093) saw a total revenue/net profit attributable to shareholders increase of 40.1% and 139.2% year-on-year, reaching 18.6 billion yuan and 6.1 billion yuan, respectively, in the first half of the year. In the second quarter alone, total revenue rose by 93.8% year-on-year to 12.1 billion yuan. Net profit attributable to shareholders grew by 389.3% year-on-year to 5.2 billion yuan. The bank raised its net profit estimates for CSPC for 2026, 2027, and 2028 by 1.9%, 2.6%, and 1.6%, respectively, and increased the target price from 7.6 HKD to 8.6 HKD. However, due to pricing pressures on its main drug Enbipro (NBP), it reiterated a "performing below market" rating.