瑞银：微降康希诺生物(06185)目标价至64港元 评级“买入”

Group 1 - UBS has adjusted the revenue forecasts for CanSino Biologics (06185) for 2026 and 2027, increasing the 2026 forecast by 22% and decreasing the 2027 forecast by 9% [1] - Earnings per share estimates for 2025 to 2027 have been revised from 0.24, 1.16, and 2.55 HKD to 0.37, 1.41, and 2.34 HKD respectively [1] - The target price for CanSino has been lowered from 66 HKD to 64 HKD, while maintaining a "Buy" rating [1] Group 2 - CanSino's management reported that the MCV4 vaccine generated revenue of 662 million RMB in the first three quarters of this year, representing a year-on-year growth of approximately 28% [1] - The growth in MCV4 revenue is attributed to an expanded age group for usage and ongoing channel penetration [1] - MCV4 began exporting to Indonesia in the third quarter, with estimated sales in the millions for this year [1] Group 3 - The PCV13i vaccine, launched mid-year, has entered approximately 12 provinces, with management aiming to cover half of the provinces by year-end and expand to other markets next year [1]