CICC International: Raised target price of Sino Biopharmaceutical Limited (01093.HK) to 9.3 Hong Kong dollars, maintaining a "neutral" rating.

According to the Zhitong finance and economics APP, CICC released a research report stating that it has raised the target price of CSPC Pharmaceutical Group Limited (01093.HK) to 9.3 Hong Kong dollars and maintained a "neutral" rating. The bank has lowered its revenue forecast for 2025-2026 to reflect the pressure faced by core product sales, but the increasing proportion of high-margin BD revenue and ongoing cost reduction efforts are expected to further improve the cost ratio. The DCF valuation model has been rolled forward to 2026.