Cathay Securities and Haitong Securities: Initiates a buy rating for SINO BIOPHARM with a target price of HKD 10

CITIC Securities released a research report stating that it initiates coverage on SINO BIOPHARM with a "Buy" rating and a target price of HKD 10; the firm forecasts earnings per share of RMB 0.293, RMB 0.259, and RMB 0.283 for the years 2025 to 2027, respectively. The firm noted that investment sentiment in the domestic healthcare sector has significantly rebounded over the past year, and China National Pharmaceutical Group is in a particularly advantageous position within this trend, based on its enhanced innovation capabilities, global layout, and improved capital market sentiment. As one of the largest and best-developed pharmaceutical companies in China, its scale, financing ability, and commercial infrastructure enable it to acquire promising local biotech companies and accelerate the later-stage development and commercialization of assets. The firm also believes that the company has increased its investment in business development (BD) in recent years, rapidly expanding its innovative drug portfolio. In addition to having potential for external licensing in the short term, the firm observes that the company is about to encounter several key catalysts and may receive product market approvals, which will bring new value to its innovative pipeline. At the same time, the company is also set to announce several important clinical data, which is expected to drive the progress of innovative research and development