Goldman Sachs raises its target price for CSPC Pharmaceutical (01093.HK) to HK$13.5 with a "Buy" rating.

AAFN2021-05-25

Goldman Sachs issued a report raising its net profit forecasts for CSPC Pharmaceutical Group by 7.6%, 4.2%, and 5.9% for 2021, 2023, and raising its target price from RMB 12.5 to RMB 13.5 using the category-based aggregate valuation method, with a "buy" rating. This includes lowering the valuation of innovative drugs from RMB 111 billion to RMB 85.9 billion to reflect the impact of new drug price reductions. However, the valuation of generic drugs was raised from RMB 24 billion to RMB 52 billion, as more new generic drugs gain market share through volume-based procurement, improving the growth prospects of related businesses. Considering the price increase during the pandemic, raw materials for pharmaceuticals...

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风雪腊梅
2021-05-25
风雪腊梅
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However, the valuation of generic drugs was raised from RMB 24 billion to RMB 52 billion, as more new generic drugs gain market share through volume-based procurement, improving the growth prospects of related businesses. Considering the price increase during the pandemic, raw materials for pharmaceuticals...</p><p><a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">Web page link</a></div></p>","source":"aastocks","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs raises its target price for CSPC Pharmaceutical (01093.HK) to HK$13.5 with a \"Buy\" rating.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Sachs raises its target price for CSPC Pharmaceutical (01093.HK) to HK$13.5 with a \"Buy\" rating.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AAFN</strong><span class=\"h-time small\">2021-05-25 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Goldman Sachs issued a report raising its net profit forecasts for CSPC Pharmaceutical Group by 7.6%, 4.2%, and 5.9% for 2021, 2023, and raising its target price from RMB 12.5 to RMB 13.5 using the category-based aggregate valuation method, with a \"buy\" rating. This includes lowering the valuation of innovative drugs from RMB 111 billion to RMB 85.9 billion to reflect the impact of new drug price reductions. However, the valuation of generic drugs was raised from RMB 24 billion to RMB 52 billion, as more new generic drugs gain market share through volume-based procurement, improving the growth prospects of related businesses. Considering the price increase during the pandemic, raw materials for pharmaceuticals...</p><p><a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">AAFN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"01093","symbol_name":"石药集团","start_time":0,"source_url":"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0","article_id":"2138503001","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/4b6684517506a0b0f4c4c5a1c4889261"],"rights":{"source":"aastocks","url":"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2138503001","pubTimestamp":1621907817,"columns":[],"sourceInfo":{"source_id":"aastocks","name":"阿思达克财经"},"weMediaInfo":null,"summary":"高盛发表报告，将石药集团  2021至2023年各年净利润预测分别上调7.6%、4.2%、5.9%，以分类加总估值法计，将目标价由12.5元提高至13.5元，评级「买入」，包括创新药估值由1,110亿元下调至859亿元，以反映新药降价的影响，不过仿制药估值就由240亿元上调至520亿元，因随着更多新的非专利药通过带量采购获得市场份额，令相关业务增长前景将得到改善。而考虑到疫情期间价格上涨，原料药估值由140亿元上调至230亿元。","collect":0,"end_time":0,"defaultTopTitle":"aastocks.com","property":["rate"],"viewcount":null,"language":"zh","relate_stocks":{"01093":"石药集团"},"translate_title":"Goldman Sachs raised the target price of Shiyao (01093. 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This includes lowering the valuation of innovative drugs from RMB 111 billion to RMB 85.9 billion to reflect the impact of new drug price reductions. However, the valuation of generic drugs was raised from RMB 24 billion to RMB 52 billion, as more new generic drugs gain market share through volume-based procurement, improving the growth prospects of related businesses. Considering the price increase during the pandemic, raw materials for pharmaceuticals...</p><p><a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">Web page link</a></div></p>","source":"aastocks","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs raises its target price for CSPC Pharmaceutical (01093.HK) to HK$13.5 with a \"Buy\" rating.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Sachs raises its target price for CSPC Pharmaceutical (01093.HK) to HK$13.5 with a \"Buy\" rating.\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">AAFN</strong><span class=\"h-time small\">2021-05-25 09:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div>Goldman Sachs issued a report raising its net profit forecasts for CSPC Pharmaceutical Group by 7.6%, 4.2%, and 5.9% for 2021, 2023, and raising its target price from RMB 12.5 to RMB 13.5 using the category-based aggregate valuation method, with a \"buy\" rating. This includes lowering the valuation of innovative drugs from RMB 111 billion to RMB 85.9 billion to reflect the impact of new drug price reductions. However, the valuation of generic drugs was raised from RMB 24 billion to RMB 52 billion, as more new generic drugs gain market share through volume-based procurement, improving the growth prospects of related businesses. Considering the price increase during the pandemic, raw materials for pharmaceuticals...</p><p><a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">Web page link</a></div></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0\">AAFN</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/4b6684517506a0b0f4c4c5a1c4889261","relate_stocks":{"01093":"石药集团"},"source_url":"http://www.aastocks.com/apps/data/iphone/news/newscontent.aspx?newsid=NOW.1100825&style=5&chgstyle=1&categoryid=stock&width=320&market_id=hk&fontary=3&platform=iPhone&language=sc&isfirstreq=1&sourceid=aafn&datatype=0","is_english":false,"share_image_url":"https://static.laohu8.com/51f6b9126f36f92bbf92982596066e5a","article_id":"2138503001","content_text":"高盛发表报告，将石药集团  2021至2023年各年净利润预测分别上调7.6%、4.2%、5.9%，以分类加总估值法计，将目标价由12.5元提高至13.5元，评级「买入」，包括创新药估值由1,110亿元下调至859亿元，以反映新药降价的影响，不过仿制药估值就由240亿元上调至520亿元，因随着更多新的非专利药通过带量采购获得市场份额，令相关业务增长前景将得到改善。而考虑到疫情期间价格上涨，原料药估值由140亿元上调至230亿元。高盛指，石药第一季销售额为67亿元人民币，按年同比增长9.9%，略高於预期，主要因为降价後新产品的销售增长较快，而且肿瘤产品组合强劲。即使产品降价，但第一季的利润率明显扩张，毛利率按年扩张3.1个百分点至77%，预计全年的研发费用将达到34亿元，以支持加快临床进度。(ha/da)~阿思达克财经新闻网址: www.aastocks.com","news_type":1,"symbols_score_info":{"01093":1}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.49.0","shortVersion":"4.49.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2138503001","isCrawlerRequest":true}