大行评级｜交银国际：维持中国生物制药“买入”评级，今明两年业绩有望维持双位数增速

Core Viewpoint - The Chinese biopharmaceutical industry is expected to maintain double-digit growth from 2026 to 2027, driven by existing major products, several new product launches, manageable procurement risk exposure, and the normalization potential of BD revenue [1] Group 1: Company Insights - China National Pharmaceutical Group is transitioning from pipeline expansion to the layout of next-generation technology platforms, and from merely introducing products to a strategy that includes both introduction and international expansion, indicating the emergence of a global multinational pharmaceutical enterprise [1] - The forecast for the company's net profit from 2025 to 2027 has been adjusted to a decrease of 6%, an increase of 9%, and a decrease of 2%, respectively, reflecting updated predictions on product sales and revenue recognition from licensing collaborations [1] Group 2: Financial Adjustments - The DCF target price has been lowered to 8.5 HKD, while maintaining a "Buy" rating, indicating a positive long-term outlook despite short-term profit adjustments [1]