Core Viewpoint - Citi has significantly raised the profit forecasts for Sanofi Pharmaceutical (01530) for 2025 to 2027 by 288%, 44.6%, and 38.4%, respectively, leading to a target price increase from HKD 19.6 to HKD 37.1, maintaining an "outperform" rating [1] Group 1: Financial Projections - Profit forecasts for 2025, 2026, and 2027 are now projected at RMB 9.273 billion, RMB 4.171 billion, and RMB 4.689 billion, respectively [1] - The new target price corresponds to a forecasted price-to-earnings ratio of 18 times [1] Group 2: Performance Analysis - Sanofi Pharmaceutical'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] - The company anticipates that the overseas research progress of SSGJ-707 will be a key catalyst for growth [1] Group 3: Research and Development - According to Pfizer, SSGJ-707 is expected to initiate global Phase III studies for non-small cell lung cancer by the end of 2025, with further exploration into its application in other tumor types, including additional Phase I/II studies in combination with its antibody-drug conjugate portfolio [1]
里昂：升三生制药(01530)目标价至37.1港元 维持“跑赢大市”评级