Lyon: Lowering the target price of Cansino Biotech (06185) to HK$49.6 to maintain “outperforming the market”

The Zhitong Finance App learned that CITIC Lyon released a research report saying that Cansino Biotech (06185)'s revenue and net profit for the second quarter were in line with expectations, but the target price was lowered from HK$53.2 to HK$49.6, reflecting the higher R&D costs of its pipeline and maintaining a “outperforming the market” rating.

The bank raised the company's operating profit forecast for 2026-2028 to reflect management guidance, while net profit forecasts were raised by 4.6%, 2% and 1%, respectively, to RMB 121 million, RMB 323 million and RMB 723 million. The bank said it is optimistic about Cansino Biotech's strong autonomous vaccine platform, steady operating efficiency and commercialization capabilities, and sees sales growth after its tetanus vaccine was approved by the NDA in August as the main catalyst.