复星医药：港股晨报-20250603

Investment Rating - The report recommends a "Buy" rating for Fosun Pharma (2196.HK) with a target price of 18.0 HKD and a stop-loss price of 15.0 HKD [10]. Core Views - Fosun Pharma is positioned as a leading player in China's pharmaceutical industry, covering a wide range of sectors including drug manufacturing, medical devices, and healthcare services. The company aims to achieve a net profit of 2.99 billion HKD in 2024, driven by the launch of innovative products and sales growth [10]. - The report highlights the company's strategic focus on innovation, internationalization, and operational integration under its "4IN" strategy, which emphasizes innovation, internationalization, intelligentization, and integration [10]. - Key growth drivers include the rapid revenue growth of core innovative products such as anti-PD-1 monoclonal antibodies and CAR-T cell therapy products [10]. Market Overview - The report notes that the Hong Kong stock market has experienced fluctuations, with a net inflow of 45.6 billion HKD from southbound trading in May. The Hang Seng Index and other indices saw monthly increases of 5.29%, 4.41%, and 1.14% respectively [3]. - The report suggests that sectors such as artificial intelligence, robotics, semiconductors, and innovative pharmaceuticals are worth monitoring due to their growth potential [3]. - The report emphasizes the undervaluation of Hong Kong stocks, particularly those with exposure to Chinese assets, and recommends focusing on sectors benefiting from low-risk interest rates in mainland China [3].