大华继显研报认为，公司今年首9个月业绩欠佳，收入及盈利均低于预期。虽然低利率环境有助公司降低财务成本，但政策不确定性以及经济疲弱可能会继续影响公司2024年至2026年的盈利增长能见度，因此将其评级降至“沽售”，目标价由20港元降至18港元。Sinopharm (01099) fell nearly 4% intraday, as of the time of writing, it dropped by 3.44% to HK$19.36, with a turnover of 69.3653 million Hong Kong dollars.
According to the Securities Times app, Sinopharm (01099) fell nearly 4% intraday, as of the time of writing, it dropped by 3.44% to HK$19.36, with a turnover of 69.3653 million Hong Kong dollars.
On the news front, Sinopharm recently announced that in the first three quarters of 2024, total operating income was 442.423 billion yuan (RMB, the same below), a decrease of 0.8% year-on-year; net profit attributable to the mother company's owner was 5.2786 billion yuan, a decrease of 13.4% year-on-year. Goldman Sachs noted that due to the decline in revenue and gross margin, its profit forecast for 2024 to 2030 was lowered by 4% to 10%. The target price and scenario value were reduced by 4% to 9%. The bank lowered Sinopharm's target price from HK$25 to HK$24.
Dahua Research Report believes that the company's performance in the first nine months of this year was unsatisfactory, with both revenue and profit below expectations. Although the low interest rate environment helps the company reduce financial costs, uncertainties in policies and economic weakness may continue to impact the company's profit growth visibility for the years 2024 to 2026. Therefore, it downgraded its rating to 'sell' with a target price lowered from HK$20 to HK$18.
