Core Viewpoint - Citi has significantly raised its profit forecasts for 3SBio (01530) for 2025 to 2027 by 288%, 44.6%, and 38.4%, reaching RMB 9.273 billion, RMB 4.171 billion, and RMB 4.689 billion respectively, while increasing the target price from HKD 19.6 to HKD 37.1, implying a forecasted P/E ratio of 18 times, maintaining an "outperform" rating [1] Financial Performance - 3SBio's performance in the first half of the year showed mixed results, with TPO sales being weak while Mandi sales were strong, driven by increased adoption of Mandi Foam and successful online distribution [1] Key Catalysts - The ongoing overseas research progress of SSGJ-707 is expected to be a key catalyst for the company [1] - According to Pfizer, SSGJ-707 is set to initiate a global Phase III study for non-small cell lung cancer by the end of 2025, while further exploring its applications in other tumor types, including more Phase I/II studies in conjunction with its antibody-drug conjugate product portfolio [1]
里昂：升三生制药目标价至37.1港元 维持“跑赢大市”评级