"Large Firms" China Merchants Securities initiates coverage on Kanion Pharmaceutical, expects the impact of centralized procurement to be digested
China Merchants Securities has initiated coverage on Kanion Pharmaceutical, expecting net profits of RMB 1.65 billion, RMB 1.96 billion, and RMB 2.27 billion for the years 2025 to 2027, with annual growth rates of 1.5%, 18.9%, and 15.8%, respectively. The report indicates that Kanion Pharmaceutical has absorbed the impact of centralized procurement and has transformed into a full-chain innovative pharmaceutical company. Although there will be short-term performance fluctuations, the launch of innovative products starting in 2024 is expected to bring a turning point in performance. The company focuses on specialties and operates independently in skin health, ophthalmology, and Southeast Asian markets