Core Viewpoint - Bank of America Securities reports that CSPC Pharmaceutical Group's total revenue for the second quarter decreased by 14.3% year-on-year to 6.3 billion yuan, with attributable net profit declining by 24% to 1.1 billion yuan [1] Revenue and Profit Forecasts - The bank has lowered its revenue forecasts for 2025 to 2027 by 25%, 2%, and 11% respectively due to price reductions of core drugs and an increase in the proportion of revenue from raw material products [1] - The gross margin forecast for 2025 has also been reduced, alongside a 42% decrease in the earnings per share (EPS) forecast for 2025 [1] Future Earnings Projections - However, the bank has raised its EPS forecasts for 2026 and 2027 by 32% and 8% respectively [1] Target Price Adjustment - The target price for CSPC Pharmaceutical Group has been adjusted from 6.9 HKD to 8.1 HKD, while maintaining a "underperform" rating due to the price reductions of major drugs [1]
大行评级｜美银：上调石药集团目标价至8.1港元 但重申“跑输大市”评级