Core Viewpoint - HSBC Global Research upgraded the rating of CSPC Pharmaceutical Group (01093.HK) from "Hold" to "Buy" and raised the target price from HKD 4.7 to HKD 9.5, indicating a potential upside of 21% based on a discounted cash flow valuation method [1] Financial Performance - In the first quarter of this year, CSPC's revenue and net profit decreased by 22% and 8% year-on-year, respectively [1] - However, product sales and profit showed a quarterly increase of 12% and 60%, indicating a gradual recovery from centralized procurement pressures [1] Innovation and Business Development - HSBC is optimistic about CSPC's innovative drugs due to the following reasons: 1. CSPC announced on May 30 that it is advancing three potential licensing deals, suggesting stronger and faster business expansion than previously expected [1] 2. Robust data for SYS6010 [1]
汇丰研究：升石药集团评级至“买入” 上调目标价至9.5港元