Core Viewpoint - Bank of America Securities has downgraded the revenue forecasts for Giant Bio (02367) for 2025 to 2027 by 21%, 24%, and 25% respectively, and has also reduced net profit forecasts by 21%, 24%, and 24% respectively, while lowering the target price from HKD 68.3 to HKD 55.5, but maintains a "Buy" rating due to the potential of newly approved injectable aesthetic products to drive growth next year [1] Revenue and Profit Forecasts - Revenue forecasts for Giant Bio have been reduced by 21%, 24%, and 25% for the years 2025, 2026, and 2027 respectively [1] - Net profit forecasts have also been adjusted downwards by 21%, 24%, and 24% for the same years [1] Target Price Adjustment - The target price for Giant Bio has been decreased from HKD 68.3 to HKD 55.5 [1] Sales Performance - During the Double Eleven shopping festival, sales for the Comfy brand were under pressure, with a year-on-year decline of 20% on Tmall and 50% on Douyin [1] - In contrast, the Collgene brand achieved positive growth during the same period [1] Management Guidance - Management has lowered the performance guidance for the current year, expecting revenue to be flat or slightly down year-on-year [1] - The net profit forecast has been adjusted to reflect a year-on-year decline in the mid to high single digits [1]
美银证券：降巨子生物目标价至55.5港元 重申“买入”评级