Group 1 - The core viewpoint of the report is that based on higher collaboration revenue forecasts, the revenue predictions for 2025-2027 for Sangfor Pharmaceuticals (01530) have been raised by 2-6% [1] - The profit margin forecast has also been adjusted upwards due to the increasing contribution of high-priced innovative drugs and high-margin collaboration revenue to total revenue, leading to a net profit forecast increase of 6-9% [1] - The target price has been raised to HKD 33, corresponding to 25.8 times and 23.9 times the price-to-earnings ratio for 2025 and 2026, respectively, while maintaining a "Buy" rating [1] Group 2 - Pfizer has a strong innovative drug pipeline and global commercialization capability, with the potential for SSGJ-707 to be combined with multiple ADCs and small molecule targeted drugs [2] - Following Pfizer's acquisition of the product's rights in mainland China, the report anticipates that the product's competitive position in the pan-PD-(L)1 market will be further strengthened due to Pfizer's extensive experience in promoting innovative oncology drugs [2] - The global peak sales estimate has been raised to RMB 6.6 billion, reflecting the company's transition from traditional blockbuster-driven performance to long-term growth driven by new product iterations and international expansion [2]
交银国际：升三生制药(01530)目标价至33港元 维持“买入”评级