Core Viewpoint - The company has raised the target price for Xiansheng Pharmaceutical (02096) to HKD 11.2, continuing to recommend it as a key industry stock due to optimistic profit margin improvements and expected performance recovery from 2H24 onwards [1] Group 1: Financial Performance - In 2024, the company expects strong growth in revenue and adjusted net profit, with projections of a 0.4% increase in revenue to RMB 6.64 billion and a 42% increase in adjusted net profit to RMB 1.02 billion, aligning with previous forecasts [2] - The company anticipates a significant recovery in 2H24, with expected growth rates of 9% in revenue and 48% in adjusted net profit compared to 1H24 [2] - The contribution of innovative drug revenue is projected to rise to RMB 4.9 billion, increasing its share of total revenue by 2.3 percentage points to 74.3% [2] Group 2: Product Development and Market Strategy - The company has successfully licensed out its BCMA/GPRC5D/CD3 tri-antibody to AbbVie for over USD 1 billion, indicating strong international collaboration [3] - The company is advancing its product development pipeline, with plans to initiate multiple Phase Ib clinical trials for IL-2muFc in 2025 [3] - The company is leveraging its innovative technology platforms, including dual-target TCE and ADC, to create more business development opportunities, with several products expected to enter IND by 2025 [3] Group 3: Future Outlook - Management expects revenue and adjusted net profit to grow by over 15% in 2025, driven by new products and increased shareholder returns [2] - The company anticipates the launch of six new products, which could generate peak sales of RMB 6-8 billion collectively [2]
交银国际：升先声药业(02096)目标价至11.2港元 继续将公司选为行业重点推荐标的