CMB International: First to grant Federal Pharmaceutical (03933.HK) a "strongly recommended" rating - Rich pipeline after initial success in innovative drugs.

According to the Securities Times APP, CMB Securities released a research report stating that it is expected that Federal Pharmaceutical (03933.HK) will achieve revenues of 13.35 billion, 12.77 billion, and 13.93 billion yuan in 2025, 2026, and 2027 respectively, and achieve net profit attributable to the parent company of 2.59 billion, 2.34 billion, and 2.52 billion yuan, corresponding to P/E ratios of 11, 12, and 11 times. This is the first coverage report, and a "strong recommendation" rating is given. The bank believes that the company's main business in antibiotics is expected to gradually stabilize, insulin and animal health will continue to open up new growth curves, innovation will accelerate development, and there is ample room for growth.