In "The Big Banks," China International Capital Corporation raised the target price for 3SBIO to 38.3 yuan with a rating of "Buy."

Bank of China International published a research report indicating that 3SBIO (01530.HK) performed below expectations last year, with revenue increasing by 94.3% year-on-year to RMB 17.7 billion, mainly benefiting from RMB 9.4 billion in licensing revenue contributed by Pfizer (PFE.US), partially offset by weak drug sales. Excluding licensing revenue, the basic profit declined due to a decrease in gross margin and an increase in operating expenses.

On the other hand, SSGJ-707, positioned by Pfizer as a cornerstone product for the next generation of immuno-oncology, is being monitored as Pfizer has initiated and plans to conduct related clinical trials in 2026, with expectations that the company will receive milestone revenue from Pfizer.

The firm raised the target price for 3SBIO from RMB 38.2 to RMB 38.3, maintaining a "Buy" rating