Core Viewpoint - Nomura's research report indicates that CSPC Pharmaceutical Group's revenue and profit for the first three quarters have decreased by 12.3% and 7.1% year-on-year, amounting to 19.9 billion and 3.5 billion respectively [1] Financial Performance - The estimated revenue for the third quarter is 6.6 billion, which represents a year-on-year increase of 3.4% and a quarter-on-quarter increase of 5.7%, significantly below the market expectation of 7.4 billion [1] - The year-on-year increase is primarily attributed to the recognition of collaboration income of 465 million, which was not present in the same period last year [1] - Product sales in the third quarter decreased by 2.7% year-on-year but increased by 4.2% quarter-on-quarter to 6.2 billion [1] Management Guidance - Management aims for positive growth in pharmaceutical sales by 2026 and anticipates that R&D spending will increase by 15% to 20% year-on-year during the same period [1] Forecast Adjustments - Nomura has revised down its revenue forecasts for 2025 and 2026 by 12% and 6% respectively, and profit forecasts by 26% and 14%, due to underperformance in pharmaceutical sales and delays in recognizing collaboration project income [1] - The target price has been reduced from 10.09 HKD to 9.11 HKD, while maintaining a "Buy" rating, with expectations for gradual sales recovery in the coming quarters [1]
大行评级丨野村：下调石药目标价至9.11港元 预期未来几个季度销售将逐渐复苏