Core Viewpoint - The report from Citi indicates that CSPC Pharmaceutical Group (01093) is expected to see a resurgence in core profit growth starting in 2026, driven by its 10 existing innovative brands and over 30 innovative products set to launch before 2028. The target price has been raised from HKD 13.8 to HKD 17.4, maintaining a strong buy rating [1] Group 1 - CSPC has completed a transaction with biopharmaceutical company Madrigal involving the GLP-1 small molecule drug SYH2086, with an upfront payment of USD 120 million and potential milestone payments totaling USD 1.955 billion, plus sales royalties calculated as a percentage [1] - The revenue forecasts for CSPC for 2025 to 2027 have been adjusted upwards by 1.6%, 14.3%, and 3% respectively, reflecting the assumptions regarding completed and potential licensing projects [1] - The net profit forecasts for CSPC have been increased by 11.8%, 73.3%, and 11.6% for the same period, indicating a positive outlook based on the company's strategic developments [1]
里昂：升石药集团(01093)目标价至17.4港元 重申“高度确信跑赢大市”评级