Goldman Sachs: Maintaining CSPC Group's (01093) “Buy” Rating Target Price Raised to HK$12.56

The Zhitong Finance App learned that Goldman Sachs released a research report stating that it maintained the “buy” rating of CSPC Pharmaceutical Group (01093), raised the 2026-2028 profit forecast by 0.2% to 1.7%, and raised the target price from HK$12.14 to HK$12.56.

According to the report, driven by licensing fee revenue of about RMB 5.7 billion, the second quarter's revenue surged 94% year on year, and sales of proprietary drugs increased 16% year on year, faster than 6% in the first quarter; net profit surged 389% year on year. After excluding license fee revenue confirmed in the second quarter, it is estimated that core profit remained roughly flat year on year, as the growth rate of R&D and administrative expenses continued to be higher than the growth of product sales.

Goldman Sachs pointed out that the mRNA platform has developed as a highlight. The Group's HPV therapeutic mRNA vaccine has advanced to phase II clinical trials. Early data is encouraging. The COVID mRNA vaccine combined with PD-1 for solid tumors has also started. Management emphasized that through large-scale tumor databases and artificial intelligence antigen screening and identification, the use of “shared” new antigens will improve vaccine scalability and development efficiency.