Gelonghui, May 28 | UBS released a report stating that the first quarter's revenue of CSPC was 8.983 billion yuan, up 11.5% year-on-year, exceeding the market and the bank's expectations of 12% and 34%, mainly due to strong growth in the proprietary pharmaceutical business. Net profit increased by 12.9% year-on-year to $1,613 billion, which was also 10% and 44% higher than the market and the bank's expectations. The gross margin increased 3.8 percentage points to 72.3%, and the EBIT profit margin increased 0.8 percentage points to 22.6%, mainly due to the increase in the share of revenue from the proprietary pharmaceutical business. The bank raised CSPC's revenue growth forecast for this year from 6.8% to 9.8%. As the revenue contribution of the proprietary pharmaceutical business exceeded expectations, it also increased earnings forecasts per share by 6%, 7% and 8% from 2024 to 2026. The bank raised the target price of CSP from HK$9.3 to HK$10.1, reaffirming the “buy” rating.
大行评级｜瑞银：上调石药目标价至10.1港元 重申“买入”评级
Big Bank Ratings | UBS: Raising the target price of CSP to HK$10.1 and reaffirms the “buy” rating
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