Core Viewpoint - CICC's report indicates that Genscript Biotech's performance in the first half of the year met expectations, with a year-on-year revenue growth of 48% to 446 million yuan [1] Revenue Performance - Total revenue reached 446 million yuan, driven by strong terminal demand [1] - The contribution from the product "Nai Fu Kang" was 303 million yuan, reflecting a year-on-year growth of 81% [1] Sales Forecast Adjustment - Due to robust demand, CICC has raised the sales forecast for Nai Fu Kang for the next two years [1] - The profit forecast for 2026 has been revised from 12 million yuan to 119 million yuan [1] Rating and Target Price - CICC maintains a "outperforming the industry" rating for Genscript Biotech [1] - The target price has been increased by 10% to 88 HKD, as the market begins to factor in the company's overseas pipeline expectations into its valuation [1]
研报掘金｜中金：上调云顶新耀目标价至88港元 维持“跑赢行业”评级