Nomura lowered the 2023 revenue forecast for the CSPC Group (01093) by 0.1%, while the 2024 revenue forecast was raised by 1.3%.
The Zhitong Finance App learned that Nomura released a research report saying that it raised the profit forecast of CSPC Group (01093) for 2023 and 2024 by 2.9% and 5.2%, respectively, mainly taking into account potentially lower sales expenses and higher profit margins in the API business, and can offset the company's continued strong R&D investment. As a result, Nomura raised CSPC's target price from HK$8.98 to HK$9.41, and maintained a “buy” rating.
The bank said it lowered the Group's revenue forecast for 2023 by 0.1% and raised its 2024 revenue forecast by 1.3%, mainly due to the recent additional approval of rhtNK-tPA (rhtNK-tPA), the potential higher contribution of related drugs for acute ischemic stroke treatment, and factors contributing to the rebound in vitamin C prices.