Core Viewpoint - CMB International initiates coverage on China Biopharmaceutical with a "Buy" rating and a target price of HKD 9.4 based on a 10-year DCF model, corresponding to a 2026 adjusted P/E ratio of 37 times [1] Group 1: Company Performance - The company is entering a harvest period for innovative drugs, with rapid growth in biosimilars and stable performance in chemical generics [1] - Currently, the company has received approval for 7 biosimilars, with a total market capacity of RMB 24 billion in sample hospitals for 2024 [1] - The mature sales network in China is expected to facilitate rapid sales growth for biosimilars, particularly for the first generic version of Pertuzumab [1] Group 2: Financial Projections - CMB International forecasts revenue growth of 11.4%, 10.5%, and 9.6% for the years 2025, 2026, and 2027, respectively [1] - Adjusted net profit is projected to grow by 12.2%, 11.5%, and 10.5% for the same years [1] - The current forecasts do not account for potential contributions from several significant innovative products that may receive overseas licensing [1]