招银国际：微升信达生物目标价至113.86港元 加速向全球生物制药转型

Core Viewpoint - Cinda Biologics (01801.HK) is expected to report strong performance in the fiscal year 2025, achieving a net profit of 834 million RMB for the first time [1] Financial Performance - Total revenue reached 13 billion RMB, representing a year-on-year growth of 38% [1] - Product sales amounted to 11.9 billion RMB, reflecting a year-on-year increase of 45% [1] Investment Outlook - The company is recognized for its strong product innovation capabilities and global development potential, accelerating its transformation into a global biopharmaceutical player [1] - The investment rating for Cinda Biologics is maintained at "Buy," with the target price slightly increased from 110.62 HKD to 113.86 HKD [1]