Zhi Tong Cai Jing·2025-09-30 09:34Core Viewpoint - Cathay Securities has initiated coverage on China Biologic Products (01177) with a "Buy" rating and a target price of HKD 10, forecasting earnings per share of RMB 0.293, RMB 0.259, and RMB 0.283 for the years 2025 to 2027 respectively [1] Group 1: Industry Overview - The investment sentiment in the healthcare sector in mainland China has significantly rebounded over the past year, positioning China Biologic Products favorably within this trend [1] - The company is recognized as one of the largest and best-developed pharmaceutical enterprises in China, with strong capabilities in scale, financing, and commercial infrastructure [1] Group 2: Company Strategy and Development - The company has increased its investment in business development (BD) to rapidly expand its portfolio of innovative drugs [1] - There is potential for external licensing in the short term, with several key catalysts and possible product approvals on the horizon that could add new value to its innovative pipeline [1] - Important clinical data is expected to be released soon, which is likely to accelerate the progress of innovative research and development [1]