On July 26th, GLH| China International Capital Corporation reported that since 2023, the new management of Shanghai Pharmaceuticals has successively taken office and internal reforms have steadily advanced; the company's business sector structure is continuously optimized; and the company is gradually entering a new era of innovative-driven industrial transformation. By the end of 2023, the company has built more than 300 SPD projects, and the medical beauty business has grown rapidly. In addition, the company has built a leading "Internet+" pharmaceutical commerce technology platform in China through Shangyao Cloud Health and MyMediHealth. Considering the company's overvaluation, innovative pipeline, and business prospects, maintain an outperform rating for A shares, and raised the target price by 5.9% to 23.3 yuan; considering the downward trend of Hong Kong stock industry valuation, maintain an outperform rating for H shares and a target price of HKD 14.7 with an upside potential of 26.5% from the current stock price.
研报掘金丨中金：上海医药高估值创新管线和业务有望兑现，维持AH股“跑赢行业”评级
Research reports | CICC: Shanghai Pharma's high valuation innovation pipeline and business prospects are expected to be fulfilled, maintaining an "outperform" rating for A and H shares.
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