Core Viewpoint - Jianyin International has raised the target price for Innovent Biologics (01801) by 2.4% from HKD 125 to HKD 128, maintaining a "Outperform" rating, citing the company's robust fundamentals as a preferred stock choice [1] Financial Performance - Innovent Biologics reported total product revenue exceeding RMB 3.3 billion in Q3, representing an annual increase of over 40%, surpassing the previous forecast of a 37% annual growth for total product revenue in 2025 [1] - The revenue forecasts for 2025, 2026, and 2027 have been adjusted upwards by 1%, 2%, and 1% respectively, reaching RMB 11.5 billion, RMB 18.3 billion, and RMB 23.3 billion [1] Strategic Developments - The company has reached an agreement with Takeda Pharmaceutical regarding an authorization deal, expecting to receive a prepayment of USD 1.1 billion by the end of 2026 [1] - As a result of this agreement, the adjusted profit forecasts for 2025, 2026, and 2027 have been increased to RMB 5.6 billion [1]
建银国际：升信达生物(01801)目标价至128元 维持“跑嬴大市”评级