CICC: Maintains Hang Seng Johnson Pharmaceuticals (03692.HK) Outperform rating, raises target price to 45 Hong Kong dollars.

According to Zhixin Finance and Economics APP, CICC released a research report stating that due to the growth of Amele and the increase in BD-related payments, Johnson Pharmaceuticals (03692.HK) has raised its profit forecast for 2025/2026 by 4.8%/3.4% to 4.617 billion/4.841 billion yuan. The current stock price corresponds to 45.8 times/43.1 times 2025/2026 P/E. It maintains an outperform industry rating. According to the SOTP valuation method, considering the upward revision of profit forecasts and the overall valuation level of Hong Kong-listed innovative drugs, the bank has raised its target price by 93.1% to HK$45.00, corresponding to 53.1 times/50.0 times 2025/2026 P/E (15.9% potential upside).