CICC: Upgrade Target Price of Shiji Pharma Group (01093.HK) to 8.6 Hong Kong Dollars, First Quarter Performance in Line with Expectations.

According to the Smart Financial APP, CICC released a research report stating that the performance of Shiyao Group (01093.HK) in the first quarter met expectations. During the period, the income decreased by 21.9% year-on-year to 7.02 billion yuan, but increased by 10.9% quarterly; net profit decreased by 8.4% year-on-year to 1.48 billion yuan, but increased by 168.7% quarterly; core net profit decreased by 18.2% year-on-year to 1.41 billion yuan, but increased by 106.2% quarterly. The bank basically maintains the profit forecast for Shiyao Group for the next two years, continuing to give it an "outperforming the industry" rating. Considering the average industry valuation increase, the bank raised its target price for Shiyao Group by 26.5% to 8.6 Hong Kong dollars.