Gelonghui, May 6 | CCB International released a report stating that Cinda Biotech's total product revenue for the first quarter increased by more than 60% year-on-year to more than 1.7 billion yuan (10% year-on-year increase in the same period last year), accounting for 24.2% of the bank's total revenue forecast for this year. The bank raised Cinda Biotech's total revenue forecast for 2024 to 2026 by 6%, 7%, and 6%, respectively, to 7.8 billion, 10.3 billion and 14.8 billion yuan, raising the bank's forecast for the company's total product revenue growth this year from 23% to 30%, and next year's forecast from 32% to 34%. The bank raised Cinda Biotech's sales and management expenses forecast for 2024 to 2026 by 7%, 11%, and 12% in view of the cost of sales required to drive higher product revenue. The bank believes that Cinda Biotech is one of the preferred stocks in the Chinese pharmaceutical industry. It raised its target price from HK$54.3 to HK$54.7, maintaining a “outperforming the market” rating, and is confident that the company's sales growth will be brighter.