花旗：对康龙化成展开90天正面催化观察 评级“买入”

Group 1 - The core viewpoint of the article is that Citigroup has initiated a 90-day positive catalyst observation for Kanglong Chemical (300759), primarily driven by the upcoming full-year performance announcement and accelerated order growth, leading to a more optimistic guidance for the current year [1] - Citigroup maintains a "Buy" rating on Kanglong Chemical's H-shares with a target price of HKD 45 [1] - The company is recognized as a global leader in drug research and development, benefiting from the growth trend in China's CRO industry, while also expanding into downstream late-stage clinical development and commercialization, as well as entering the biopharmaceutical sector [1] Group 2 - Citigroup believes that the company will serve as a leading indicator for the recovery in client demand, providing clearer guidance for future revenue growth, which may result in this fiscal year's guidance exceeding market consensus and positively re-evaluating the stock price [1] - The forecast for the company's earnings per share this year is 4% higher than the market consensus according to Citigroup [1]