China Merchants Securities has released a report, expecting 3sbio (01530.HK)'s important variety 'Tebip Australian' to have achieved moderate results in the recent national negotiation renewal, while 'Limei Zhi' has also been successfully included in the medical insurance catalog. Due to the moderate renewal results of Tebip Australian, the bank expects the company to continue achieving double-digit total revenue growth in the 2025 and 2026 fiscal years.

The report expects the company's overall gross margin level to be maintained at 86% during the 25th to 26th fiscal years (86.5% in the first half of 2024), mainly due to the stable pricing of 'Tebip Australian' during this period. The bank points out that 3sbio's current stock price is equivalent to a forecasted P/E ratio of 5 times for the 2025 and 2026 fiscal years, positioned at a low end of the historical P/E ratio valuation range. Maintaining a shareholding rating, the target price has been raised from 10 yuan to 11 yuan, equivalent to a forecasted P/E ratio of 10 times for next year.