Core Viewpoint - Goldman Sachs reports that Weigao's third-quarter revenue reached 3.26 billion yuan, representing a year-on-year growth of 2.6%, compared to flat growth in the first half of the year [1] Revenue Performance - The pharmaceutical packaging and general medical consumables business continues to face pressure due to insufficient sales growth to offset pricing pressures from volume-based procurement (VBP), particularly in the flushing syringe segment [1] - The growth rate of products used during surgeries is slower than expected in a weak macroeconomic environment [1] - In contrast, revenue from orthopedics, interventional therapy, and blood management businesses showed relatively strong growth [1] Financial Forecast Adjustments - Due to ongoing pricing pressures, Goldman Sachs has lowered its revenue and net profit forecasts for 2025 by 4.4% and 8.5%, respectively [1] - The full-year revenue is now expected to increase by 1.9% year-on-year, while profit is projected to decline by 7.8% [1] Target Price and Rating - The target price has been reduced from 7.8 HKD to 7.4 HKD, while maintaining a "Buy" rating [1]
大行评级丨高盛：微降威高股份目标价至7.4港元 预计定价压力持续