Big Bank Rating | Damo: Raising the target price of Chinese medicines to HK$5.4, attracting valuation
GLONGHUI, April 26 | Damo released a report indicating that after China Traditional Chinese Medicine, the leader in traditional Chinese medicine granules, announced last year's results, the bank reduced its profit estimates for the current year and next two years by about 5% to 6%, reflecting a reduction in sales forecasts for traditional Chinese medicine granules. The forecast was also extended to 2030, and the target price was raised from HK$4.8 to HK$5.4. The valuation was attractive, and the rating “increased”. According to the report, between 2020 and 2025, sales of traditional Chinese medicine granules are expected to grow at an average annual rate of 15% to 20%. With the opening up of the market, hospitals are committed to developing new financial resources outside of Western medicine. The Mainland Government has favorable policies on Chinese medicine granules, which are exempt from being included in pharmaceutical revenue control.
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China Resources Pharmaceutical (03320.HK): Donga Ejiao's net profit of 353 million yuan in the first quarter increased 53.43% year-on-year
Gelonghui, April 26 | China Resources Pharmaceutical (03320.HK) announced that Donga Ejiao (000423.SZ)'s revenue for the first quarter of 2024 was 1,453 billion yuan, up 35.95% year on year; net profit attributable to shareholders of listed companies (Donga Ejiao) was 353 million yuan, up 53.43% year on year; net profit attributable to shareholders of listed companies (Donga Ejiao) after deducting non-recurring profit and loss was 329 million yuan, up 54.79% year on year; basic earnings per share were 0.5488 yuan.
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