Yamato: Shengxinda Biotech's (01801) target price to HK$135 revenue guidance is a significant benefit

The Zhitong Finance App learned that Daiwa released a research report saying that the interim results of Cinda Biotech (01801) were significantly better than market expectations. Net profit for the period increased by 50.2% year on year, and adjusted net profit increased by 40.5% year on year, all significantly higher than the bank and market forecasts, mainly due to lower sales expenses than expected. Management officially announced the 2030 revenue guide for the first time at the performance meeting, which is between 35 billion and 40 billion yuan. Daiwa believes it is a major surprise and benefit. It is a significant increase from the 2027 product revenue guide of RMB 20 billion. The target price was raised from HK$120 to HK$135, reaffirming the “buy” rating.

Yamato also expects that in the second half of this year and the beginning of next year, the company will welcome a number of catalysts, including IBI363's key clinical data for initial treatment of melanoma in IO and the potential submission of new drug marketing applications by the end of the year, the release of preliminary data from multiple pipelines in ESMO'26, the approval of SYCUME (IGF-1R) Phase 3 data for inactive thyroid eye disease, the approval of Mazdutide (GCG/GLP-1) 9mg in China, and Glory-3 data, etc., to raise earnings forecasts per share by 15% to 23% from 2026 to 2028.