CICC: Downgraded the target price of UNITED LAB (03933) to HKD 12; adjusted profit in the first half of the year meets expectations.

CICC released a research report stating that UNITED LAB (03933) adjusted profit for the first half of the year meets their expectations. Considering foreign exchange losses, the net profit attributable to the parent for 2026 is revised down by 9% to 871 million RMB, while maintaining the adjusted net profit at 957 million RMB. Taking into account increased expenditures on R&D and sales, the net profit attributable to the parent/adjusted net profit for 2027 is revised down by 19.7% to 1.41 billion RMB. Given the adjustment in the valuation center for the raw material and intermediate business in Hong Kong stocks, the target price is lowered by 25% to HKD 12. The rating is "Outperforming the Industry."