Core Viewpoint - The stock of Giant Bio (02367) has experienced a decline of over 3%, with a current price of HKD 33.54, and a trading volume of HKD 246 million. The downgrade of the stock rating from "Buy" to "Neutral" by China Merchants Securities International reflects the company's ongoing challenges, including reputation issues and a significant drop in sales during the Double Eleven shopping festival [1] Group 1 - China Merchants Securities International has reduced the target price for Giant Bio from HKD 64 to HKD 35, a decrease of 45% [1] - The report highlights that the core brand, Kefu Mei, has seen a double-digit decline in sales during the recent promotional period, indicating potential market difficulties [1] - The firm believes that the current market consensus may be overly optimistic regarding the company's future performance [1] Group 2 - The investment logic for Giant Bio has shifted from growth to strategic adjustment, with a cautious outlook for the company until clearer signs of stabilization emerge [1] - Revenue forecasts for 2025-2027 have been reduced by an average of 30% to align with the management's latest guidance and a more conservative view for 2026 [1] - The sales expense ratio forecast has been increased from 36% to 38% to account for execution challenges during the adjustment phase [1]
巨子生物午后跌超3% 机构称公司投资逻辑已由增长转向战略调整 缺乏明显反弹催化剂