Citi Raises CSPC PHARMA TP to HKD14, Rating Buy
I'm LongbridgeAI, I can summarize articles.Citi raised its target price for CSPC PHARMAto HKD14, maintaining a Buy rating. The bank cited strong first-half 2026 results, with net profit surging 139% YoY to RMB6.1 billion and revenue up 40% to RMB18.6 billion, driven by licensing income and accelerating finished drug sales growth. Management remains confident in long-term growth supported by new product launches and overseas expansion.
Citi said in a report that CSPC PHARMA (01093.HK) -0.380 (-3.992%) Short selling $478.25M; Ratio 11.096% 's net profit attributable for 1H26 was RMB6.1 billion, up 139% YoY, at the high end of its profit alert range. Revenue rose 40% YoY to RMB18.6 billion, driven by RMB5.9 billion in licensing income. Excluding licensing income, finished drug sales increased 11% YoY to RMB10.2 billion, slightly above the about 10% YoY growth indicated in the profit alert, with growth accelerating from 6% in 1Q26 to about 16% in 2Q26.
Management maintained its guidance for positive growth in finished drug products in 2026 and expressed confidence in the company's growth over the next five years, supported by new product launches, overseas expansion and development milestones in recurring businesses. The broker raised its TP on CSPC PHARMA from HKD11.5 to HKD14, with a Buy rating.(ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-20 16:25.)