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>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

<ul><li>Sales of legacy products to remain stable. CSPC has nurtured marketleading products in nervous system, oncology, anti-infective and cardiovascular disease, etc. NBP, Duomeisu, Jinyouli, Keaili, and Xuanning contribute to most of the Company’s product sales.</li><li>NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion in centralized procurement, which we think will take time.</li><li>We expect the sales of NBP to remain stable over the next two years. </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.

Sales of legacy products to remain stable. CSPC has nurtured marketleading products in nervous system, oncology, anti-infective and cardiovascular disease, etc. NBP, Duomeisu, Jinyouli, Keaili, and Xuanning contribute to most of the Company’s product sales.NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion in centralized procurement, which we think will take time.We expect the sales of NBP to remain stable over the next two years. 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) – Innovative Platforms to Drive Future Growth

China

Sichuan Kelun Pharmaceutical Co., Ltd. manufactures pharmaceutical products. The Company's products include large infusion products, tablets, capsules, antibiotic injection, lyophilized powder for injection, and traditional Chinese medicine.

China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. manufactures and markets medicines, healthcare products, and medical instruments.  Through its subsidiaries, the Company also operates in pharmaceutical trading, printing, food manufacturing, real estate development, and provides medical services.

China Resources Sanjiu Medical & Pharma (000999 CH)

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Beijing Tongrentang Co., Ltd. develops, manufactures, and markets Chinese traditional medicines and medicinal wines.  The Company also operates pharmaceutical retail businesses and provides consulting services.

Zhejiang NHU Co., Ltd. manufactures and markets organic chemical products and feed additive. The Company's products include EMME, Vitamin E and Vitamin A.

Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. manufactures and sells Chinese patent medicine. The Company also wholesales, retails, imports, and exports Western and Chinese pharmaceutical products and various medical apparatus.

Guangzhou Baiyunshan Pharmaceutical Holdings (874 HK)

Guangzhou Baiyunshan Pharmaceutical Holdings

Changchun High & New Technology Industry (Group) Inc. is an investment holding company.  Through its subsidiaries, the Company manufactures biopharmaceuticals and Chinese traditional medicines, constructs infrastructure facilities, manufactures electrolytic condensers, and develops and manages real estate.

Xizang Haisco Pharmaceutical Group Company Limited develops, manufactures and sells drug formulations and active pharmaceutical ingredients. The Company's main products include hepatobiliary disease medication, anti-infective drugs, parenteral nutrition drugs, invert sugar for injection, and other related products.

Xizang Haisco Pharmaceutical Group Co (002653 CH)

Shenzhen Salubris Pharmaceuticals Co., Ltd. develops, manufactures, and distributes pharmaceutical and healthcare products such as tablets, capsules, injection formulations and active pharmaceutical ingredients.

Shenzhen Salubris Pharmaceuticals A (002294 CH)

Dong-E-E-Jiao Co., Ltd. primarily manufactures and sells traditional Chinese medicine, health care products, health foods, and bio-medicine. The company also engages in gelatin products manufacturing.

Sino Biopharmaceutical Limited, through its subsidiaries, researches, develops, produces, and sells biopharmaceutical products for the medical treatment of ophthalmia, as well as modernized Chinese medicine and chemical medicine for the treatment of hepatitis.

Catalent, Inc. provides delivery technologies and development solutions for drugs, biologics and consumer health products. The Company's oral, injectable, and respiratory delivery technologies address the diversity of the pharmaceutical industry including small molecules, large molecule biologics and consumer health products.

Intra-Cellular Therapies Inc. researches and develops biopharmaceutical drugs. The Company engages in the research and development of small molecule drugs to treat neuropsychiatric and neurological diseases and other disorders of the central nervous system. Intra-Cellular Therapies offers its products to the medical industry.

ONO PHARMACEUTICAL CO., LTD. manufactures and sells pharmaceuticals.  The Company mainly researches and develops prescription drugs.

Abbott India Limited manufactures a wide range of pharmaceutical and medical products, agrochemicals, and animal health products. The Company's medical and pharmaceutical products include insulin injections, anti-dysentery drugs, vitamin preparations, penicillin preparations, sulfonamide tablets, and a variety of household remedies.

Torrent Pharmaceuticals Ltd. manufactures bulk drugs and pharmaceutical formulations. The Company's formulations include cardio-vascular, psychotropic and anti-biotic drugs while its bulk drugs include atenolol, ciprofloxacin and norfloxacin. Torrent Pharmaceuticals has wholly owned subsidiaries in several regulated and less regulated international markets.

Jazz Pharmaceuticals plc is a specialty biopharmaceutical company focused on improving patients' lives by identifying, developing and commercializing innovative products that address unmet medical needs. The company has a diverse portfolio of products in the areas of narcolepsy, oncology, pain and psychiatry.

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

Kyowa Hakko Kirin Co.,Ltd. develops, manufactures, and markets pharmaceuticals. The Company's products include a protein produced by genetic recombination technology, an anti-anemia agent that attaches new sugar chains through partial modification of the amino acid sequence of human erythropoietin (EPO), and a glycoprotein, human erythropoietin.

Shionogi & Company Ltd., is a pharmaceutical company. The Company develops prescription & over-the-counter drugs and diagnostics.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CSPC Pharmaceutical Group (1093 HK)

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 (1093 HK) – Innovative Platforms to Drive Future Growth

NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 (1093 HK) – Innovative Platforms to Drive Future Growth

NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion...

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...