External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul><li>Moderate growth in 1H24. In 1H24, CSPC’s total revenue increased by 1.3% YoY to RMB16.28bn and the attributable net profit increased by 1.8% YoY to RMB3.02bn, accounting for 46% and 45% of our previous full-year estimates.</li><li>For 2Q24, the total revenue was RMB5.99bn (-8.1% YoY, -20.8% QoQ) and the attributable net profit was RMB2.19bn (+42.2% YoY, +35.7% QoQ).</li><li>The net profit increase was mainly due to the reduced selling expenses in 2Q24, which decreased by 38.6% QoQ to RMB1.82bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Moderate growth in 1H24. In 1H24, CSPC’s total revenue increased by 1.3% YoY to RMB16.28bn and the attributable net profit increased by 1.8% YoY to RMB3.02bn, accounting for 46% and 45% of our previous full-year estimates.For 2Q24, the total revenue was RMB5.99bn (-8.1% YoY, -20.8% QoQ) and the attributable net profit was RMB2.19bn (+42.2% YoY, +35.7% QoQ).The net profit increase was mainly due to the reduced selling expenses in 2Q24, which decreased by 38.6% QoQ to RMB1.82bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) - Legacy Products Faced Pricing Pressures

<ul><li>Strong double-digit growth in 1Q24. CSPC reported 1Q24 revenue of RMB8.98bn (+11.5% YoY, +18.4% QoQ) and attributable net profit of RMB1.61bn (+12.9% YoY, +17.0% QoQ), regaining double-digit growth, and representing 26% and 20% of our previous full-year estimates, respectively.</li><li>The GP margin in 1Q24 increased to 72.3% (vs 68.5% in 1Q23), mainly due to a higher proportion of revenue from finished drugs (84.2% in 1Q24 vs 79.7% in 1Q23).</li><li>Selling expense ratio increased to 33.0% in 1Q24 (vs 30.9% in 1Q23), due to the higher proportion of revenue from finished drugs, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong double-digit growth in 1Q24. CSPC reported 1Q24 revenue of RMB8.98bn (+11.5% YoY, +18.4% QoQ) and attributable net profit of RMB1.61bn (+12.9% YoY, +17.0% QoQ), regaining double-digit growth, and representing 26% and 20% of our previous full-year estimates, respectively.The GP margin in 1Q24 increased to 72.3% (vs 68.5% in 1Q23), mainly due to a higher proportion of revenue from finished drugs (84.2% in 1Q24 vs 79.7% in 1Q23).Selling expense ratio increased to 33.0% in 1Q24 (vs 30.9% in 1Q23), due to the higher proportion of revenue from finished drugs, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) - Accelerating Growth in Finished Drug Sales

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a> reported steady growth in finished drugs in 2023. New products including Mingfule, Yilouda, and Anfulike achieved rapid sales ramp-up due to inclusion in the NRDL.</li>
<li>The company expects to launch 50 innovative drugs in the next five years, which will provide continuous momentum. The company further aims for 17 common generic launches during 2024–2025.</li>
<li>CSPC Pharmaceutical shares are trading at a P/E of 11.3x, lowest level seen in last five years, and cheaper than peers. Dividend yield remains attractive at 4%+.</li>
</ul>



CSPC Pharmaceutical Group (1093 HK) reported steady growth in finished drugs in 2023. New products including Mingfule, Yilouda, and Anfulike achieved rapid sales ramp-up due to inclusion in the NRDL.
The company expects to launch 50 innovative drugs in the next five years, which will provide continuous momentum. The company further aims for 17 common generic launches during 2024–2025.
CSPC Pharmaceutical shares are trading at a P/E of 11.3x, lowest level seen in last five years, and cheaper than peers. Dividend yield remains attractive at 4%+.


CSPC Pharmaceutical (1093 HK): Deep Value High Dividend Yield Idea; New Launches to Drive Growth

<ul><li>FY23 results in line with expectation. CSPC reported FY23 revenue of RMB31.45bn (+1.7% YoY) and attributable net profit of RMB5.87bn (-3.6% YoY), in line with our previous estimates.</li><li>The adjusted attributable net profit (excl. impact from financial assets, share-based compensation and disposal of JV &amp; associates) in FY23 increased 2.8% YoY to RMB6.28bn.</li><li>The turnover days of receivables increased to 63 days in FY23 from 44 days in FY22 due to slower customer settlement, but were still within a normal range.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY23 results in line with expectation. CSPC reported FY23 revenue of RMB31.45bn (+1.7% YoY) and attributable net profit of RMB5.87bn (-3.6% YoY), in line with our previous estimates.The adjusted attributable net profit (excl. impact from financial assets, share-based compensation and disposal of JV &amp; associates) in FY23 increased 2.8% YoY to RMB6.28bn.The turnover days of receivables increased to 63 days in FY23 from 44 days in FY22 due to slower customer settlement, but were still within a normal range.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) - New Products to Contribute Meaningful Revenue in 2024

<ul><li>9M23 results in line with expectation. CSPC reported 9M23 revenue of RMB23.87bn (+1.6% YoY) and attributable net profit of RMB4.49bn (+0.6% YoY), representing 75% and 74% of our previous FY estimates, respectively.</li><li>The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 9M23 increased 2.0% YoY to RMB4.72bn.</li><li>Due to the price erosion of Keaili and vitamin C, the GP margin in 9M23 decreased to 70.4% (vs 72.7% in 9M22), while in 3Q23, the GP margin was consistent as 2Q23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

9M23 results in line with expectation. CSPC reported 9M23 revenue of RMB23.87bn (+1.6% YoY) and attributable net profit of RMB4.49bn (+0.6% YoY), representing 75% and 74% of our previous FY estimates, respectively.The adjusted attributable net profit (excl. impact from fair value change of financial assets and share-based compensation) in 9M23 increased 2.0% YoY to RMB4.72bn.Due to the price erosion of Keaili and vitamin C, the GP margin in 9M23 decreased to 70.4% (vs 72.7% in 9M22), while in 3Q23, the GP margin was consistent as 2Q23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSPC Pharmaceutical (1093 HK) – New Products to Drive Sales Recovery

China

CSPC Pharmaceutical Group Limited, through its subsidiaries, manufactures and sells pharmaceutical products.  The Company's products include vitamin C, antibiotics and common generic drugs. The Company is also engages in the development of innovative drugs and antibiotics.

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CSPC Pharmaceutical Group (1093 HK)

CSPC Pharmaceutical (1093 HK) - Legacy Products Faced Pricing Pressures

n 1H24, CSPC’s total revenue increased by 1.3% YoY to RMB16.28bn and the attributable net profit increased by 1.8% YoY to RMB3.02bn

CMB International

CSPC Pharmaceutical (1093 HK) - Accelerating Growth in Finished Drug Sales

Admin expenses ratio increased from 3.3% in 1Q23 to 3.7% in 1Q24. R&D expenses reached RMB3.68bn in 1Q24 (+16.0% YoY, +1.5% QoQ).

CMB International

CSPC Pharmaceutical (1093 HK): Deep Value High Dividend Yield Idea; New Launches to Drive Growth

CSPC Pharmaceutical reported steady growth in finished drugs in 2023, with new products driving sales ramp-up. The company plans to launch 50...

Tina Banerjee

CSPC Pharmaceutical (1093 HK) - New Products to Contribute Meaningful Revenue in 2024

FY23 results in line with expectation. CSPC reported FY23 revenue of RMB31.45bn (+1.7% YoY) and attributable net profit of RMB5.87bn (-3.6% YoY),...

CMB International

CSPC Pharmaceutical (1093 HK) – New Products to Drive Sales Recovery

CSPC reported 9M23 revenue of RMB23.87bn (+1.6% YoY) and attributable net profit of RMB4.49bn (+0.6% YoY), representing 75% and 74% of our previous...

CMB International

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CSPC Pharmaceutical (1093 HK) - Legacy Products Faced Pricing Pressures

n 1H24, CSPC’s total revenue increased by 1.3% YoY to RMB16.28bn and the attributable net profit increased by 1.8% YoY to RMB3.02bn

CMB International

CSPC Pharmaceutical (1093 HK) - Accelerating Growth in Finished Drug Sales

Admin expenses ratio increased from 3.3% in 1Q23 to 3.7% in 1Q24. R&D expenses reached RMB3.68bn in 1Q24 (+16.0% YoY, +1.5% QoQ).

CMB International

CSPC Pharmaceutical (1093 HK): Deep Value High Dividend Yield Idea; New Launches to Drive Growth

​CSPC Pharmaceutical reported steady growth in finished drugs in 2023, with new products driving sales ramp-up. The company plans to launch 50...

Tina Banerjee

CSPC Pharmaceutical (1093 HK) - New Products to Contribute Meaningful Revenue in 2024

FY23 results in line with expectation. CSPC reported FY23 revenue of RMB31.45bn (+1.7% YoY) and attributable net profit of RMB5.87bn (-3.6% YoY),...

CMB International

CSPC Pharmaceutical (1093 HK) – New Products to Drive Sales Recovery

CSPC reported 9M23 revenue of RMB23.87bn (+1.6% YoY) and attributable net profit of RMB4.49bn (+0.6% YoY), representing 75% and 74% of our previous...

CMB International

CSPC Pharmaceutical reported steady growth in finished drugs in 2023, with new products driving sales ramp-up. The company plans to launch 50...