汇丰：上调中国生物制药目标价34% 维持“买入”评级

Group 1 - HSBC raised the target price for China Biologic Products (01177.HK) by 34%, from HKD 3.8 to HKD 5.1, while maintaining a "Buy" rating [1] - The company is expected to see adjusted net profit forecasts increased by 39% and 45% for 2025 and 2026, respectively, due to encouraging data presented at the 2025 ASCO conference [1] - The outlook for the company's ability to achieve double-digit profit growth from 2025 to 2027 is optimistic, driven by faster-than-expected sales growth of PD-L1 and G-CSF, new drug launches, and improved operational efficiency [1] Group 2 - The company's stock price has increased by 36% year-to-date, reflecting positive market sentiment [1] - The industry is undergoing multiple commercial developments, contributing to improved sentiment within the sector [1] - The current valuation of the company is considered attractive given the industry's positive outlook [1]