Zhi Tong Cai Jing·2025-10-14 07:20Group 1 - Goldman Sachs upgraded Tiger Med (300347.SZ) rating from "Neutral" to "Buy" and raised the target price from 62.1 RMB to 77.1 RMB, while initiating coverage on Tiger Med H shares (03347) with a "Buy" rating and a target price of 62.1 HKD [1] - The firm noted that the stock's recent performance has lagged behind the domestic healthcare sector, indicating that the current moment presents an attractive entry point [1] - Expectations for accelerated new order growth in Q4 of this year, along with improved earnings visibility from 2026 to 2028, are anticipated to drive the stock price [1] Group 2 - The industry is expected to reach a turning point, with a recovery anticipated from late 2025 to 2026, primarily benefiting from a strong rebound in fundraising and increased upfront payments from authorized collaborations [1] - Price stabilization is expected by the end of 2024, followed by a continuous increase [1] - The firm forecasts a compound annual growth rate of 37% for core earnings from 2025 to 2028, driven by strong new order momentum supporting revenue growth in the mid-teens (approximately 13% to 17%) [1] Group 3 - The leadership position of the group in the domestic market and ongoing global expansion are highlighted as key factors [1] - Earnings per share forecasts for 2026 and 2027 have been raised by 9% and 13%, respectively [1] - EBIT margins are expected to increase by 180, 150, and 190 basis points for 2026 to 2028, attributed to reduced impairment losses, improved operational leverage, and enhanced cost control [1]