Core Viewpoint - The report from CMB International indicates that Genting New Year achieved a 48% year-on-year revenue growth to 446 million yuan in the first half of the year, driven by significant sales increases in its key products [1] Group 1: Financial Performance - Genting New Year’s revenue reached 446 million yuan, marking a 48% increase year-on-year [1] - Sales of Yijia and Naifukang grew by 6% and 81% respectively, amounting to 143 million yuan and 303 million yuan [1] - Following the resolution of capacity constraints, Naifukang saw rapid sales growth in August, exceeding both the bank's and market expectations for the first eight months of 2025 [1] Group 2: Management Outlook - The management has raised its sales guidance, reflecting strong confidence in the clinical data and commercialization capabilities of its products [1] - The company is expected to benefit from a dual-driven growth model through the commercialization of its major products and self-research platform [1] Group 3: Future Catalysts and Valuation - The bank has raised its target price from 72.5 HKD to 84 HKD, corresponding to a 2.1 times peak revenue sales multiple, maintaining a "Buy" rating [1] - The second half of this year through 2026 is anticipated to have rich catalysts, including the approval of Aiqumou in China, commercialization, and negotiations with health insurance, as well as business development opportunities for self-research pipelines [1] - Based on the strong sales performance of Naifukang, the bank has increased its revenue forecasts for 2026 to 2027 by 16% to 18%, along with a more optimistic outlook on operating expense ratios [1]
大行评级｜交银国际：上调云顶新耀目标价至84港元 下半年至2026年催化剂丰富