In "The Big Firms," China International Capital Corporation raised the target price for CSPC PHARMA to 12 yuan, expecting to continue achieving external licensing implementation

CICC's research report indicates that CSPC PHARMA (01093.HK) and its subsidiaries have authorized AstraZeneca to exclusively develop, produce, and commercialize 8 innovative long-acting peptide drug projects globally, excluding mainland China and Hong Kong, Macau, and Taiwan, including SYH2082 and 3 preclinical stage molecules, and will collaborate on an additional 4 new projects. AstraZeneca will pay a total of USD 1.2 billion in upfront payments, as well as cumulative milestone payments of up to USD 3.5 billion and USD 13.8 billion for development and sales.

The report states that by 2025, CSPC PHARMA will have achieved external authorization for oral small molecule GLP-1, strategic cooperation with AstraZeneca, irinotecan liposome, and ROR1 ADC. The company's R&D pipeline also includes advanced innovative assets such as EGF RADC/SiRNA series, and it is expected that the company can sustainably achieve external authorization and more milestone revenue recognition.

The report maintains profit forecasts of RMB 4.76 billion and RMB 5.353 billion for 2025 and 2026, respectively, and introduces a forecast of RMB 5.695 billion for 2027; it raises the target price by 9.1% to HKD 12, maintaining an "outperform industry" rating