石药与阿斯利康(AZN.US)及Madrigal Pharmaceuticals(MDGL.US)达成的4项重大BD交易，预计将带来约 102亿美元的近期首付款及研发里程碑付款，从而推动2025至27年盈利大幅提升至63亿、102亿及109亿 元人民币。该行将2025至27年盈利预测分别下调2.4%、上调8.2%及上调53.7%，以反映BD交易经风险 调整后的财务影响。公司目前仅以2026年预测市盈率9.2倍交易，远低于行业中位数的16.4倍。 里昂发布研报称，重申石药集团(01093)"高度确信跑赢大市"评级，目标价由17.4港元上调至19港元。该 行预期石药目前已完成的业务拓展(BD)交易，将自今年起转化为经常性收入。 ...

该信息由智通财经网提供 石药与阿斯利康(AZN.US)及Madrigal Pharmaceuticals(MDGL.US)达成的4项重大BD交易，预计将带来约 102亿美元的近期首付款及研发里程碑付款，从而推动2025至27年盈利大幅提升至63亿、102亿及109亿 元人民币。该行将2025至27年盈利预测分别下调2.4%、上调8.2%及上调53.7%，以反映BD交易经风险 调整后的财务影响。公司目前仅以2026年预测市盈率9.2倍交易，远低于行业中位数的16.4倍。 智通财经APP获悉，里昂发布研报称， 重申石药集团(01093)"高度确信跑赢大市"评级，目标价由17.4港 元上调至19港元。该行预期石药目前已完成的业务拓展(BD)交易，将自今年起转化为经常性收入。 ...

Investment Rating - The report provides a positive outlook for CSPC Pharmaceutical Group, indicating a clear roadmap for internationalization and significant revenue growth expected from completed business development transactions by 2026 [5][6]. Core Insights - CSPC is projected to convert its completed business development transactions into recurring revenue by 2026, supported by major research milestones and successful overseas development progress [6]. - The company has secured approximately $10.2 billion in upfront and milestone payments from significant partnerships with AstraZeneca and Madrigal, which are expected to enhance profitability from 2025 to 2027 [5][6]. - Key products such as KN026 and SYS6010 are anticipated to drive domestic business recovery and accelerate growth post-2027 [7]. Summary by Sections Business Development and Revenue - CSPC's completed business development transactions are expected to yield around $9 billion in free cash flow from milestone payments by 2030, with AstraZeneca's recent $1.2 billion non-refundable upfront payment being a significant contributor [6]. - The company has established eight innovative R&D platforms, transitioning from a raw material producer to a complex generics and innovative drug enterprise, achieving a compound annual growth rate of 3.1% in profitability from 2019 to 2023 [10]. Market Position and Financials - As of February 2, 2026, CSPC's stock price was HKD 9.15, with a market capitalization of $13.54 billion [13]. - The company ranks among the top ten in the Chinese pharmaceutical industry by drug revenue, with a significant portion of its income derived from the Asian market [11]. Catalysts for Growth - Key catalysts include the progress of overseas R&D projects, particularly the core product EGFR ADC, and the clinical development plans of major partners like AstraZeneca [8]. - The anticipated launch of innovative drugs and the entry of early-stage products into clinical phases are expected to validate the company's R&D capabilities [8].