Guojin Securities: Initiates coverage on China Biopharmaceuticals (01177.HK) with a "buy" rating and a target price of HK$11.25.

According to the Intelligence Finance and Economics APP, Guojin Securities released a research report stating that it is initiating coverage on China Biopharmaceuticals (01177.HK) for the first time, with a "buy" rating. The company is forecasted to achieve operating income of 33.412/37.166/41.704 billion yuan in 2025/2026/2027, with a year-on-year growth of +15.75%/+11.24%/+12.21%, and a net profit attributable to shareholders of 4.626/4.753/5.284 billion yuan, with a year-on-year growth of +32.17%/+2.75%/+11.17%, corresponding to an EPS of 0.25/0.25/0.28 yuan. Considering that the company's income forecast has not yet taken into account the overseas contribution of multiple blockbuster innovative drugs, and the potential of the Anlotinib combined with IO therapy to expand into multiple frontline indications, a 45XPE for 2025 is given, with a target price of 11.25 Hong Kong dollars per share.