Core Viewpoint - The report from CMB International highlights that after resolving capacity constraints, the sales of Nanfukang have rapidly increased in August, exceeding both the firm's and market expectations for the first eight months of 2025, leading to an upward revision of sales guidance by management, reflecting strong confidence in clinical data and commercialization capabilities [1] Group 1: Company Performance - The company reported a 48% year-on-year revenue growth in the first half of the year, reaching 446 million RMB [1] - Sales of Yijia and Nanfukang grew by 6% and 81% respectively, amounting to 143 million RMB and 303 million RMB [1] - Based on the strong sales performance of Nanfukang, the firm has raised its revenue forecasts for 2026 and 2027 by 16% to 18% [1] Group 2: Market Outlook - CMB International is optimistic about the company's long-term growth driven by the commercialization of its major products and self-research platform [1] - The target price for the company has been raised from 72.5 HKD to 84 HKD, corresponding to a peak revenue multiple of 2.1 times [1] - The firm notes that the second half of this year through 2026 will be rich in catalysts, including the approval of Aiqumou in China, commercialization, and negotiations with medical insurance, as well as business development opportunities for self-research pipelines [1]
交银国际：升云顶新耀(01952)目标价至84港元 估值仍吸引评级“买入”