Citigroup: CSPC PHARMA (01093) target price raised to HKD 14, rating "Buy"
The management maintains its guidance for positive growth in finished pharmaceuticals by 2026, and is confident about the company's growth over the next five years, benefiting from the launch of new products, overseas expansion, and milestones in recurring business development.
Citi has released a research report stating that it has raised the target price for CSPC PHARMA (01093) from HKD 11.5 to HKD 14, with a rating of "Buy."
In the first half of the year, Stone Pharmaceutical's attributable net profit reached RMB 6.1 billion, a year-on-year increase of 139%, sitting at the high end of the profit forecast range. Revenue grew by 40% year-on-year to RMB 18.6 billion, driven by RMB 5.9 billion in licensing income. Excluding the licensing income, sales of finished drugs rose by 11% year-on-year to RMB 10.2 billion, slightly higher than the approximately 10% year-on-year growth indicated in the profit forecast, with growth accelerating from 6% in the first quarter to around 16% in the second quarter.
The management maintains its guidance for positive growth in finished drugs by 2026 and is confident about the company's growth over the next five years, benefiting from new product launches, overseas expansion, and milestones in recurring business development.
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