According to HSBC's research report, although cms's business has improved compared to the second half of last year, it is expected to digest the impact of bulk procurement in the first half of this year. It also believes that the growth of innovative drugs in the long term will not be affected by new drug launches and business development. The bank's target price for the company has been lowered from 8.5 yuan to 7.7 yuan. The current valuation is considered reasonable, and the rating is maintained as 'hold'. The bank said that if there are clearer signs that the sales growth of its innovative business can offset the impact of bulk procurement, it will have a more positive view of the stock.

The report predicts that cms's revenue and net profit in the first half of this year will drop by 21% and 57% respectively year-on-year, to RMB 3.6 billion each. This is mainly due to the impact of bulk procurement and the high base in the same period last year. Excluding the impact of one-time impairment adjustments, revenue and net profit are expected to recover from the second half of last year and increase by 6% and 9% compared to the second half of last year.

The bank has lowered cms's revenue forecast for each year from 2024 to 2026 to between 1% and 2%, to RMB 7.863 billion, 8.989 billion, and 10.759 billion, while reducing the net profit forecast by 1% to 2%, to RMB 1.724 billion, 1.926 billion, and 2.92 billion, respectively.