美银证券发布研报称，石药集团(01093)次季总收入为63亿元人民币，同比下降14.3%，应占净利润同比 下降24%至11亿元人民币。该行将2025至27年收入预测下调25%、2%及11%;因核心药品降价及原料产 品收入占比提升，下调2025年毛利率预测，同时降2025年每股盈利预测42%，但分别升2026及27年每股 盈利预测32%及8%。因此，目标价由6.9港元升至8.1港元，重申跑输大市评级，因主要药物减价。 ...

智通财经APP获悉，美银证券发布研报称，石药集团(01093)次季总收入为63亿元人民币，同比下降 14.3%，应占净利润同比下降24%至11亿元人民币。该行将2025至27年收入预测下调25%、2%及11%;因 核心药品降价及原料产品收入占比提升，下调2025年毛利率预测，同时降2025年每股盈利预测42%，但 分别升2026及27年每股盈利预测32%及8%。因此，目标价由6.9港元升至8.1港元，重申跑输大市评级， 因主要药物减价。 ...

摩根士丹利发布研报称，石药集团(01093)最新的指引，将2025至27年的总收入预测分别下调6.2%、 4.8%及2.6%。根据最新指引和年度至今的趋势，该行下降集团的毛利率和销售开支比率预测，并提高 了研发开支比率预测，将2025年至26年的经常性纯利预测分别下调10%和6%，并上调2027年预测2%， 而2028至30年的纯利预测则因许可收入的贡献而上调。该行将集团目标价由9.6港元升至11港元，续 予"增持"评级。 ...

智通财经APP获悉，摩根士丹利发布研报称，石药集团(01093)最新的指引，将2025至27年的总收入预测 分别下调6.2%、4.8%及2.6%。根据最新指引和年度至今的趋势，该行下降集团的毛利率和销售开支比 率预测，并提高了研发开支比率预测，将2025年至26年的经常性纯利预测分别下调10%和6%，并上调 2027年预测2%，而2028至30年的纯利预测则因许可收入的贡献而上调。该行将集团目标价由9.6港元升 至11港元，续予"增持"评级。 ...

摩根士丹利发表研报指，石药集团最新指引将2025至27年的总收入预测分别下调6.2%、4.8%及2.6%。 根据最新指引和年度至今的趋势，该行下降集团的毛利率和销售开支比率预测，并提高了研发开支比率 预测，将2025年至26年的经常性纯利预测分别下调10%和6%，并上调2027年预测2%，而2028至30年的 纯利预测则因许可收入的贡献而上调。该行将集团目标价由9.6港元上调至11港元，维持"增持"评级。 ...

Core Viewpoint - The report from CMB International raises the target price for CSPC Pharmaceutical Group (01093) to HKD 9.3 while maintaining a "Neutral" rating, reflecting adjustments in revenue forecasts due to sales pressures on core products [1] Financial Performance - The revenue forecasts for 2025-2026 have been lowered to account for ongoing sales pressures on core products, although the increase in high-margin BD revenue and continuous cost reduction efforts are expected to improve the expense ratio [1] - The company announced an interim dividend of HKD 0.14 per share, with an expected full-year dividend of no less than HKD 0.28 per share, compared to HKD 0.26 per share last year [1] Market Outlook - The company’s prescription drug business faced continued pressure in Q2, but there may be opportunities for sequential improvement in the second half of the year [1] - Despite ongoing challenges from centralized procurement and hospital-end medical insurance fees, there is optimism for a recovery in performance in the second half of 2026-2027, driven by the resolution of these pressures and the positive impact of significant BD upfront payments [1]

交银国际发布研报称，上调石药集团(01093)目标价至9.3港元,维持"中性"评级。该行下调2025-2026年收 入预测以反映核心品种销售面临的压力，但高利润率的BD收入占比提升及持续的降本增效努力可望进 一步改善费用率。将DCF估价模型滚动至2026年。 该行表示,该公司第二季度成药业务持续承压，下半年或有环比改善机会。公司宣布中期股息0.14港元/ 股，全年股利预计不低于0.28港元/股(对照去年0.26港元/股)。公司的存量大单品在第二季度持续受到集 采、院端医保费等压力，但看好下半年及2026-2027年业绩复苏的机会，考虑到上述影响即将出清、重 磅BD首付款对业绩的增厚、以及原料药/功能性食品业务的反弹。因此上调目标价，认为当前公司估值 合理，正向催化剂预期与风险已基本反映在股价中。 ...

Group 1 - The core business of the company is the production of finished drugs and raw materials, with a focus on innovative drugs targeting various therapeutic areas such as neurological diseases, oncology, infections, and cardiovascular diseases [1] - As of mid-2025, the company reported total revenue of 13.273 billion and a net profit of 2.548 billion [1] - The company has an international R&D team dedicated to the discovery, research, and development of small molecule targeted drugs, nanomedicines, monoclonal antibodies, bispecific antibodies, antibody-drug conjugates, and biopharmaceuticals in the immunology field [1] Group 2 - On August 25, Zhuhai International maintained a buy rating for the company, raising the target price to 12.11 HKD [2]

Investment Rating - The report assigns a "Neutral" rating to the company with a target price of HKD 9.30, indicating a potential downside of 11.6% from the current closing price of HKD 10.51 [2][11]. Core Insights - The company is expected to face continued pressure in Q2 2025 due to centralized procurement and hospital-level medical insurance cost control, but there are optimistic prospects for a recovery in the second half of 2025 and in 2026-2027 as these pressures are expected to ease [2][7]. - The report highlights the company's ongoing research and business development (BD) efforts, which are anticipated to contribute positively to performance, alongside a rebound in the raw materials and functional foods business [2][7]. - The target price has been adjusted upwards to reflect the anticipated recovery and the reasonable current valuation, with positive catalysts and risks already factored into the stock price [2][7]. Financial Forecast Changes - Revenue forecasts for 2025 have been revised down by 1.3% to RMB 29,649 million, with further reductions for 2026 and 2027 [6][14]. - The gross profit for 2025 is projected at RMB 20,161 million, reflecting a slight decrease from previous estimates [6][14]. - The net profit attributable to shareholders for 2025 is now expected to be RMB 5,568 million, an increase of 8.4% from prior forecasts [6][14]. Business Segment Performance - In Q2 2025, the company's pharmaceutical business continued to face challenges, with a 24% year-on-year decline in revenue across almost all therapeutic areas [7]. - The raw materials and functional foods segments showed resilience, with revenues increasing by 12% and 8% year-on-year, respectively [7]. - Management anticipates a revenue growth of over 5% in the second half of 2025 compared to the first half, driven by market expansion and new product launches [7]. Long-term Growth Drivers - The company is focusing on innovative products, particularly in the oncology space, with several key trials expected to progress by the end of the year [7]. - The report emphasizes the importance of BD transactions, with two significant deals expected to close by year-end, which could enhance revenue streams [7]. - The company is actively exploring opportunities in various high-potential areas, including peptide long-acting formulations and mRNA vaccines, which are expected to contribute to future revenue and cash flow [7].

格隆汇新股 20亿估值，石药集团投出一家创新药IPO，2亿过敏性鼻炎患者在等待 原创 阅读全文 ...