CITIC Securities expects Cansino Biotech's 2023 sales to drop 63.9% year over year to 374 million yuan.
The Zhitong Finance App learned that CITIC Lyon released a research report stating that maintaining the “buy” rating of Cansino Biotech (06185), the target price was drastically lowered from HK$200 to HK$29. The bank expects Cansino Biotech's sales to reach 374 million yuan in 2023, a year-on-year decrease of 63.9%, and the net loss is expected to increase to 1,125 million yuan due to the decline in COVID-19 vaccine sales. After a difficult year in 2023, the bank believes that the company's profit and loss in 2024 will reverse as MCV vaccine sales increase.