Citi: Raising the target price of Fu Hong Han Lin (02696) to HK$95.2, reaffirming the steady natural growth of the “buy” rating in the first half of the year

The Zhitong Finance App learned that Citi released a research report saying that Fuhong Hanlin (02696) had steady natural growth in the first half of 2026, with revenue of 3.59 billion yuan, an increase of 27% over the previous year, and net profit of 430 million yuan, an increase of 10% over the previous year. R&D expenditure increased 41% year over year to 826 million yuan due to accelerated R&D progress. Management is optimistic about the medium- to long-term prospects. Serplulimab expects peak sales to reach 10 billion yuan and launch more than 10 products globally in the next few years. Due to the company's strong internal innovation capabilities, the bank is optimistic about its endogenous growth and business expansion potential. The bank adjusted its revenue forecast of 8% and 3% for this year and next, raised the net profit forecast per share to 1.52 yuan and 1.79 yuan respectively, and slightly raised the target price from HK$95 to HK$95.2. Maintain a “buy” rating.