招财日报：每日投资策略

Investment Rating - The report initiates coverage on Sangfor Technologies with a "Buy" rating and a target price of HKD 9.56, indicating a positive outlook for the company's growth potential [2][5]. Core Views - Sangfor Technologies is positioned as a pioneer in China's biopharmaceutical industry, with core products expected to achieve steady revenue growth due to expanded indications and increased penetration in the oncology field [2][5]. - The company is anticipated to enter a harvest period for its innovative pipeline, which will further drive growth [2][5]. - The report forecasts a compound annual growth rate (CAGR) of 10.9% for revenue and 13.4% for net profit attributable to shareholders from 2023 to 2026 [5]. Industry Summary - The Chinese pharmaceutical industry is showing signs of recovery, with supportive policies expected to improve profitability for innovative drug and medical device companies [1]. - The MSCI China Healthcare Index has underperformed, down 22.9% year-to-date, but is currently trading at a dynamic P/E ratio of 23.8, below its historical average [1]. - The report highlights a positive outlook for leading medical device companies and innovative drug firms, driven by policy support and normalization of regulatory environments [1].