Core Viewpoint - CICC maintains a "outperform" rating for Kangzheng Pharmaceutical (00867) and raises the target price by 7% to HKD 16.50, considering the upward adjustment of the sector's central tendency [1] Group 1: Financial Projections - The company maintains a 2025 profit forecast of CNY 1.735 billion and raises the 2026 profit forecast by 5% to CNY 1.984 billion due to revenue growth from new product launches, while introducing a 2027 profit forecast of CNY 2.418 billion [1] Group 2: Product Approval and Market Potential - The phosphoric acid ruxolitinib cream developed by Demy Pharmaceutical has been approved by NMPA for the treatment of non-segmental vitiligo in patients aged 12 and above, marking it as the first and only targeted drug for vitiligo treatment in China, indicating significant clinical potential [1] - Approximately 10.3 million people in China suffer from vitiligo, with 8.2 million having non-segmental vitiligo, and existing treatments have clinical deficiencies, suggesting that ruxolitinib cream could fill a gap in targeted treatment [1] Group 3: Clinical Efficacy and Commercialization - In overseas Phase III clinical trials (TRuE-V1 and TRuE-V2), the proportion of patients achieving F-VASI75 after 24 weeks of treatment was 29.9%, significantly higher than the placebo group [2] - Over 7,000 prescriptions for non-segmental vitiligo patients have been issued at the Boao Super Hospital, with over 20 hospitals in cities like Guangzhou and Shenzhen providing prescription services for this drug [2] Group 4: Product Portfolio and Revenue Contribution - The company believes that ruxolitinib can synergize with its other innovative skin treatment products, such as Yiluqi (trilaciclib) and the exclusive drug Xiliao (multi-sulfated glycosaminoglycan cream), to enhance revenue elasticity [3] - The company is actively advancing the NDA application for the AD indication of ruxolitinib, which has shown positive results in domestic Phase III trials [3] - Demy Pharmaceutical has authorized the company to hold rights for ruxolitinib in Hong Kong, Macau, Taiwan, and 11 Southeast Asian countries, which is expected to further contribute to revenue and profit growth [3]
中金：维持康哲药业(00867)“跑赢行业”评级 目标价升至16.5港元