Group 1 - UBS reports that the stock price of 3SBio has increased by over 3.7 times year-to-date, primarily driven by the strong performance of the PD-1/VEGF bispecific antibody SSGJ-707 [1] - UBS has raised the risk-adjusted peak sales forecasts for SSGJ-707 in the Chinese and overseas markets by 24% and 117%, respectively, to 41 billion and 414 billion [1] - UBS predicts that the compound annual growth rates for 3SBio's revenue and net profit will reach 13.5% and 16% from 2024 to 2034, with management indicating that organic product revenue growth will reach double digits by 2025 [1] Group 2 - 3SBio did not participate in the 11th round of national drug procurement, indicating the lowest risk in the industry [1] - Based on the higher sales expectations for SSGJ-707, UBS has raised its target price from HKD 30 to HKD 41, maintaining a "Buy" rating [1]
大行评级｜瑞银：上调三生制药目标价至41港元 看好SSGJ-707强劲表现