Guotai Junan Securities: Maintains a "buy" rating on Kangfang Biotech with a target price of HKD 123.72.

Guotai Junan Securities released a research report stating that Kangfang Biotech's "buy" rating is maintained. The company's core products have achieved consecutive clinical breakthroughs and entered a period of harvest. The revenue forecast for 2025-2027 is maintained at 3.728/5.928/7.8 billion yuan. Using the PS valuation method, a 28XPS is given for 2025, corresponding to a target price of 123.72 Hong Kong dollars.