Lyon: Raised the target price of Rongchang Biotechnology (09995.HK) to 103 Hong Kong dollars and maintained an "outperform" rating.

According to the Zhixun Finance and Economics APP, Haitong Securities released a research report stating that Rongchang Biotech (09995.HK) saw a 39.1% year-on-year increase in sales in the second quarter, lower than market expectations but surpassing the company's full-year guidance. Net loss narrowed by 54.7% year-on-year, better than market expectations. Management maintains unchanged full-year sales guidance, expecting a year-on-year increase of over 30%, and predicting a balanced budget in 2026. On the business side, the indications for RC18 and RC48 are gradually expanding, and the company's new immune therapy (I/O) and ADC research and development pipeline are gradually taking shape. The bank raised its net profit forecasts for 2025-2027 by 79.6%, 106.9% and 116.4% respectively, significantly raising the target price from 33.7 Hong Kong dollars to 103 Hong Kong dollars, and maintaining an "outperform" rating.