Core Viewpoint - The report from Zhongyin International indicates that the revenue of CSPC Pharmaceutical Group increased by 6% quarter-on-quarter to 6.6 billion yuan, primarily due to the recovery from negative impacts on traditional oncology products, with sales growth across all core therapeutic areas [1] Financial Performance - Revenue for the third quarter reached 6.6 billion yuan, reflecting a 6% increase compared to the previous quarter [1] - Net profit decreased by 10% to 964 million yuan, attributed to a significant rise in operating expenses [1] Management Guidance - Management maintains guidance for a mid-single-digit recovery in performance for the second half of 2025 compared to the first half [1] - Despite the anticipated launch of innovative products and biosimilars in the first half of 2026, management expresses caution regarding the domestic market outlook due to uncertainties from upcoming national procurement renewals and strict control of medical insurance fund expenditures [1] Forecast Adjustments - The firm has kept its 2025 revenue forecast unchanged, but has lowered the revenue projections for 2026 and 2027 by 5.8% and 8.5% respectively, due to uncertainties surrounding the national procurement renewals and potentially slower-than-expected sales growth of new products [1] - The target price has been adjusted down to 8.5 HKD, while maintaining a "Hold" rating [1]
大行评级丨中银国际：下调石药目标价至8.5港元 维持“持有”评级