智通财经网·2026-03-19 05:56Core Viewpoint - Citigroup has raised the target price for Kintor Pharmaceutical (00148) from HKD 45 to HKD 48, maintaining a "Buy" rating, indicating positive sentiment towards the company's future performance [1] Financial Performance - Kintor's revenue for 2025 is projected to grow by 5% to HKD 45.375 billion, aligning with market expectations [1] - Net profit is expected to surge by 170% to HKD 4.402 billion, exceeding previous guidance of over HKD 4.32 billion, primarily due to higher-than-expected investment income of HKD 2.635 billion [1] - Adjusted core net profit, excluding revaluation losses and investment income, is forecasted to decline by 4% year-on-year to HKD 2.635 billion [1] Earnings Forecast Adjustments - Due to a recent placement of Kintor's shares (01888), which will reduce profit contributions, the 2026 core earnings forecast has been cut by 11% [1] - Anticipated contributions from several upcoming AI upstream materials and chemical projects are expected to boost the 2027 earnings forecast by 4% [1] - A new earnings forecast for 2028 has been introduced, projecting a compound annual growth rate of 24% for core earnings, reaching HKD 5.029 billion by 2028 [1] Comparative Analysis - Based on the pure AI upstream materials layout, Citigroup believes that Kintor's layered board is superior to Kintor Group, with expectations for further revaluation of its valuation [1]