BOCI Research: Upgraded Sinopharm Pharmaceutical (02096.HK) Target Price to 16.7 Hong Kong Dollars. First-half Performance Meets Expectations. Maintain "Buy" Rating.

According to the Zhidao Finance APP, CCB International released a research report stating that the performance of Sinopharm (02096.HK) in the first half of the year met expectations, with revenue increasing by 15% year-on-year to 3.6 billion yuan, in line with the bank's expectations. Adjusted net profit was 651 million yuan, a year-on-year increase of 21.1%. After the performance release, the bank made minor adjustments to Sinopharm's revenue forecast for 2025 to 2027, and included potential BD revenue from 2025 onwards in its consideration. It is estimated that BD revenue will contribute 2%, 4%, and 7% to total revenue from 2025 to 2027. The target price has been raised from 8.9 Hong Kong dollars to 16.7 Hong Kong dollars, maintaining a "buy" rating.