Core Viewpoint - CICC has raised the net profit estimates for 2025 and 2026 for Sangfor Pharmaceuticals (01530) by 186.5% and 138.3% to CNY 6.249 billion and CNY 5.664 billion respectively, reflecting a positive outlook on the company's BD revenue recognition [1] Group 1: Financial Performance - In 1H25, the company's revenue was CNY 4.356 billion, a slight decline of 0.8% year-on-year; however, the net profit attributable to the parent company increased by 24.6% to CNY 1.358 billion, and the adjusted net profit rose by 2.1% to CNY 1.136 billion, meeting market expectations [1] - The current stock price corresponds to a price-to-earnings ratio of 11.3x for 2025 and 12.3x for 2026, with a target price raised by 39.9% to HKD 36.50, implying a potential upside of 14.9% [1] Group 2: Product Sales Performance - The sales of the company's core commercial products faced pressure in 1H25, with revenue from Teva Australia declining by 4.2% to CNY 2.371 billion, accounting for 54.4% of total revenue; revenue from Yibiao fell by 12.1% to CNY 346 million, and revenue from Cyberol decreased by 10.4% to CNY 110 million, together representing 10.5% of total revenue [2] - Revenue from the hair loss sector grew by 23.8% to CNY 690 million, accounting for 15.8% of total revenue, with Mandai contributing CNY 682 million, a 24.0% increase [2] - The CDMO business achieved revenue of CNY 101 million in 1H25, a significant increase of 76.1% year-on-year, while Sangfor Guojian's revenue rose by 7.6% to CNY 642 million [2] Group 3: R&D Pipeline - As of the end of 1H25, the company has a rich pipeline of 30 products under research, covering areas such as hematology and oncology, autoimmune diseases, and nephrology [3] - Notable products include SSGJ-706 (anti-PD-1/PD-L1 bispecific antibody) which has received approval for two Phase II clinical trials, and SSGJ-705 (anti-PD-1/HER2 bispecific antibody) which is currently enrolling patients for Phase II trials in China [3] Group 4: External Collaborations - The company has continued its external collaborations, granting Pfizer global rights to SSGJ-707 (PD-1/VEGF bispecific antibody) for a total of USD 12.5 billion in upfront payments and potential milestone payments exceeding USD 4.8 billion, along with double-digit sales sharing [4] - The company is also collaborating with Haihe Pharmaceuticals for oral paclitaxel, which has entered the preliminary review list for the 2025 National Medical Insurance Directory adjustment [4] - Additionally, the company has partnered with Hanyu Pharmaceuticals for the completion of patient enrollment in the Phase III clinical trial of semaglutide injection for weight loss indications [4]
中金：维持三生制药(01530)跑赢行业评级 上调目标价至36.50港元