Core Viewpoint - The report from CMB International indicates that the revenue of CSPC Pharmaceutical Group in the third quarter was 6.62 billion yuan, slightly below expectations, but showed significant improvement compared to the second quarter, with a more pronounced recovery expected in the fourth quarter [1] Revenue and Growth Forecast - The management anticipates a return to positive growth by 2026, driven by key new products such as Mingfule, Irinotecan Liposome, and biosimilars (Omalizumab and the upcoming Pertuzumab) [1] - By 2027, growth expectations are expected to become clearer as the impact of centralized procurement dissipates [1] Research and Development - As the innovative pipeline progresses into late-stage clinical development, R&D expenses are projected to increase rapidly [1] Financial Adjustments - Based on the third-quarter performance and management outlook, the revenue forecasts for 2025 to 2027 have been reduced by 5% to 8%, and net profit forecasts have been lowered by 16% to 21% [1] - The target price has been adjusted to 7.3 HKD, with the company facing both positive catalysts and risks in the short term, leading to a reasonable stock valuation and a "Neutral" rating [1]
大行评级丨交银国际：下调石药集团目标价至7.3港元 短期内正面催化剂与风险并存