Nomura: Gives CSPC PHARMA a target price of HKD 8.02 with a rating of "Buy"

Nomura released a research report stating that it has set a target price of HKD 8.02 for CSPC PHARMA, with a rating of "Buy." The report indicates that CSPC PHARMA's performance in the first quarter of 2025 was weak, with revenue decreasing by 21.9% year-on-year to RMB 7 billion (the same below), lower than the expected RMB 8.8 billion, and profit decreasing by 8.4% year-on-year to RMB 1.5 billion, also below the expected RMB 2.4 billion. The gross profit margin decreased by 5.2 percentage points year-on-year to 67.1%, with the gross profit margin for pharmaceutical sales being lower than the firm's expectations, mainly due to adverse changes in the product mix