Zhi Tong Cai Jing·2025-09-17 06:18Core Viewpoint - Daiwa maintains a "Buy" rating for China Biologic Products (01177) and raises the target price from HKD 5.6 to HKD 10, reflecting an upward revision in revenue and earnings forecasts due to improved sales of innovative drugs and expected dividend income from Sinovac Biotech [1] Group 1: Financial Projections - Revenue forecasts for China Biologic Products for 2025 to 2027 have been adjusted upward by 1% to 6% [1] - Earnings per share estimates have been increased by 56% to 106% [1] Group 2: Product Development - The sales of innovative drugs are progressing as expected, with a 27% year-on-year increase in revenue for innovative drug products, reaching RMB 7.8 billion in the first half of the year [1] - The company anticipates launching a total of 21, 26, and over 35 innovative products in 2025, 2026, and 2027, respectively [1] Group 3: New Drug Launches - The report highlights three new drugs expected to be launched by 2027: TQC3721 (PDE3/4), LM-302 (Claudin18.2 ADC), and TQC2731 (TSLP mAb) [1] - The authorization deal for TQC3721 (PDE3/4 inhibitor) is expected to be completed within 2025, as the company is revising terms with potential partners [1]