Citi: Raises the target price of HENLIUS (02696) to HK$95.2, reaffirms "Buy" rating, and reports steady organic growth in the first half of the year.

Citibank released a research report stating that HENLIUS (02696) has shown steady organic growth in the first half of 2026, with revenue reaching 3.59 billion RMB, a year-on-year increase of 27%, and a net profit of 430 million RMB, a 10% increase from the previous year. Research and development expenses rose by 41% year-on-year to 826 million RMB due to accelerated R&D progress. Management holds an optimistic view on the mid- to long-term prospects, expecting peak sales of serplulimab to reach 10 billion RMB, and plans to launch more than 10 products globally in the coming years. Due to the company's strong internal innovation capabilities, the bank is optimistic about its organic growth and business expansion potential. The bank has adjusted its revenue forecasts for the next two years by 8% and 3% respectively, while the earnings per share forecast has been raised to 1.52 RMB and 1.79 RMB respectively, slightly increasing the target price from 95 HKD to 95.2 HKD. The rating remains as "Buy."