Core Viewpoint - CICC maintains its earnings forecast for Kangzheng Pharmaceutical (00867) and keeps the target price at HKD 11.00, corresponding to adjusted P/E ratios of 14.6x and 13.1x for 2025 and 2026 respectively, while the stock is currently trading at 10.8x and 9.7x [1] Group 1: Spin-off Proposal - The company announced a proposal to spin off its subsidiary, Demai Pharmaceutical, for independent listing on the Hong Kong Stock Exchange, pending approvals from relevant authorities and boards [1] - The proposed spin-off will be executed through a physical distribution of shares to existing shareholders, ensuring no dilution of original shareholders' rights [2] Group 2: Demai Pharmaceutical Overview - Demai Pharmaceutical focuses on skin health, with a rich product pipeline including prescription drugs and skincare products [3] - Currently marketed products include Turekizumab (IL-23 for psoriasis), Anshuxi (for varicose veins), and Xiliaotuo (for superficial venous inflammation and bruises), with significant products in development [3] - The company expects to achieve revenue of CNY 618 million in 2024, representing a year-on-year growth of 30.7% [3] Group 3: Potential Benefits of Spin-off - The spin-off is expected to allow Demai Pharmaceutical to conduct independent financing activities, potentially improving operational and financial performance [4] - It is anticipated that the independent listing will enhance Demai Pharmaceutical's business status and market image, supported by two equity incentive plans to motivate employees [4]
中金：维持康哲药业(00867)“跑赢行业”评级 目标价11.00港元