Citibank: The target price of Shengyao Minglian (02268) increased to HK$93, which is highly visible

The Zhitong Finance App learned that Citibank released a research report stating that it raised the target price of Yao Ming United (02268) from HK$73 to HK$93 to maintain a “buy” rating. The bank raised the average annual compound annual growth rate of revenue from 2026 to 2035 from 24% to 26%. Citi pointed out that the management of Pharma Ming Alliance maintained the 2026 guidelines, and revenue increased by more than 35% at a fixed exchange rate, and increased by more than 40% when included in BioDLink. The company expects a compound annual revenue growth rate of 30% to 35% from 2025 to 2030. By the end of June 2026, uncompleted service orders increased 50% year-on-year to US$1,998 million, and total uncompleted orders (including milestone fees) increased 62% year-on-year to US$2.156 billion. The total number of uncompleted orders calculated by the company alone was about US$2.1 billion, an increase of 57.9% year-on-year.