摩根士丹利下调复星医药目标价4% 维持与大市同步

Core Viewpoint - Morgan Stanley has lowered the target price for Fosun Pharma by 4%, from HKD 14.2 to HKD 13.7, while maintaining a "Market Perform" rating [1] Financial Performance - The company’s earnings per share forecasts for 2025-2027 have been reduced by 4-11% due to weak earnings in Q1 2025, primarily impacted by the volume-based procurement (VBP) of generic drugs and a slowdown in new drug growth [1] Capital Expenditure - Morgan Stanley has also revised down its capital expenditure forecasts, indicating no significant acquisitions or new business investments expected [1]