瑞银：微降康希诺生物目标价至64港元 评级“买入”

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