Group 1 - The core viewpoint of the article indicates that the stock of Giant Bio (02367) has experienced a decline of over 3%, with a current price of 33.54 HKD and a trading volume of 246 million HKD [1] - China Merchants Securities International has downgraded the rating of Giant Bio from "Buy" to "Neutral" and reduced the target price by 45% from 64 HKD to 35 HKD, citing several challenges including a series of reputation crises and a double-digit decline in its core brand, Kefu Mei, during the Double Eleven shopping festival [1] - The report suggests that while the stock price has largely absorbed the related issues and the subsequent reduction in the 2025 sales guidance, the outlook for 2026 remains cautious, with the current market consensus potentially being overly optimistic [1] Group 2 - The investment logic for Giant Bio has shifted from growth to strategic adjustment, with a lack of clear catalysts for a rebound at this time, leading to a recommendation to adopt a wait-and-see approach until signs of stabilization become clearer [1] - Revenue forecasts for 2025-2027 have been reduced by an average of 30% to reflect the latest guidance from management and a more cautious outlook for 2026 [1] - The sales expense ratio forecast has been increased from 36% to 38% to account for execution challenges during the adjustment phase, with the target price based on a revised 2026 forecast price-to-earnings ratio reduced from 21.5 times to 16 times [1]
港股异动 | 巨子生物(02367)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