BOC International: Raising Cinda Biotech's (01801) target price to HK$129 to maintain “buy” rating

The Zhitong Finance App learned that BOC International released a research report stating that it raised the target price of Cinda Biotech (01801) to HK$129 to maintain the “buy” rating. Based on the company's excellent product sales performance in 2026, the bank raised the company's 2026-2028 product sales revenue forecast by 4-6% to reflect the pace of expansion of integrated line core products and management's stronger confidence in mid-term revenue.

The company's product revenue and net profit increased by 57%/50% in the first half of 2026, thanks to the rapid expansion of oncology products newly incorporated into health insurance TKI and integrated line core products. The company maintains its target of product revenue of 20 billion yuan in 2027. For the first time, it proposed a mid-term target of total revenue of 35 to 40 billion yuan in 2030, mainly driven by endogenous product sales and already reached BD transactions. At that time, product globalization will also usher in a breakthrough point.