美银证券：降华润医药(03320)收入及盈利预测 维持“买入”评级

Core Viewpoint - Bank of America Securities reports that China Resources Pharmaceutical (03320) had a lackluster performance in the first half of the year, with a revenue growth of 2.5% and a gross margin of 16.3%, which remained relatively stable. The attributable net profit decreased by 20.3% due to impairment losses and an increase in non-controlling interests [1] Revenue and Profit Forecast - Following the mid-term performance, Bank of America Securities has lowered the revenue forecasts for China Resources Pharmaceutical for 2025, 2026, and 2027 by 3%, 3%, and 4% respectively. The earnings per share forecast has also been reduced by approximately 9% [1] Target Price Adjustment - The target price for China Resources Pharmaceutical has been adjusted from HKD 6.2 to HKD 5.7 based on discounted cash flow analysis [1] Gross Margin Outlook - Due to the increased contribution from high-margin pharmaceutical business, the gross margin forecasts for 2025, 2026, and 2027 have been raised by 0.3, 0.3, and 0.4 percentage points respectively [1] Investment Rating - Despite the adjustments, Bank of America Securities maintains a "Buy" rating, citing the company's rich portfolio of traditional Chinese medicine products, leading position in the distribution industry, and strong acquisition capabilities [1]