CSPC PHARMACEUTICAL(1093.HK)：LANDMARK BD DEAL TO DRIVE LONG-TERM GROWTH
Ge Long Hui·2026-02-02 21:10
Maintain BUY. CSPC's BD deals will be a key sustainable driver of earnings growth. Considering the landmark deal with AZ, we revise up our earnings forecasts in model and adjust our DCF-based TP from HK$11.05 to HK$13.93 (WACC 9.34%, terminal growth 3.0%). Risks: Pipeline advancement delays; negative impact from VBP on commercial products. 机构：招银国际 研究员：Jill WU/Andy WANG Landmark US$18.5bn+ out-licensing deal with AstraZeneca. CSPC has entered into a strategic collaboration with AstraZeneca (AZ) to advance ei ...