> **来源：[研报客](https://pc.yanbaoke.cn)** # CSPC Pharmaceutical (1093 HK) Company Update Summary ## Core Content Overview CSPC Pharmaceutical (1093 HK) is a major player in the China healthcare sector, with a strong focus on pharmaceutical innovation and R&D. The company has demonstrated consistent revenue and profit growth, with notable progress in its innovative drug pipelines and a promising early-stage mRNA vaccine candidate, SYS6006, for the treatment of COVID-19. ## Financial Performance (FY20A - FY24E) ### Revenue - **FY20A**: RMB24,942 million - **FY21A**: RMB27,867 million (+12% YoY) - **FY22E**: RMB30,735 million (+10% YoY) - **FY23E**: RMB33,899 million (+10% YoY) - **FY24E**: RMB37,175 million (+10% YoY) ### Net Profit - **FY20A**: RMB5,160 million - **FY21A**: RMB5,605 million (+9% YoY) - **FY22E**: RMB6,334 million (+13% YoY) - **FY23E**: RMB7,328 million (+16% YoY) - **FY24E**: RMB8,412 million (+15% YoY) ### EPS (RMB) - **FY20A**: 0.43 - **FY21A**: 0.47 - **FY22E**: 0.53 - **FY23E**: 0.61 - **FY24E**: 0.70 ### P/E Ratio - **FY20A**: 16.5 - **FY21A**: 15.2 - **FY22E**: 13.5 - **FY23E**: 11.6 - **FY24E**: 10.1 ### P/B Ratio - **FY20A**: 3.7 - **FY21A**: 3.2 - **FY22E**: 2.7 - **FY23E**: 2.3 - **FY24E**: 2.0 ## Key Developments ### Innovative Drug Pipeline - **Anfulike** (Amphotericin B Cholesteryl Sulfate Complex for Injection) launched in March 2021 and included in NRDL in January 2022. - **Duoenda** (mitoxantrone hydrochloride liposome injection) and **COPIKTRA** (duvelisib capsule) received registration approvals in 2021. - **Mingfule** (rhTNK-tPA), a 3rd-generation thrombolytic drug, was acquired through a 51% stake in Recomgen Biotech in February 2022, expected to enhance sales channel synergies with NBP. ### mRNA Vaccine Candidate (SYS6006) - Early data shows strong immunogenicity and safety profile. - After a 14-day boost, the binding antibody titer was above $10^5$, over 10x higher than inactive vaccines. - Neutralizing activity against the Omicron variant was reduced by only 50% compared to Delta variant. - CSPC has prepared approximately 500 million doses of manufacturing capacity for mRNA vaccines. ## Earnings Revisions and Valuation ### Earnings Revisions - **Revenue** revised up by 1.8% for FY22E, 2.7% for FY23E. - **Net profit** revised slightly upward, with a marginal increase in FY22E and a notable rise in FY23E. - **EPS** revised slightly upward for FY22E and increased for FY23E. ### DCF Valuation - **Target Price**: HK$13.20 (revised up from HK$12.33) - **WACC**: 11.78% - **Terminal Growth Rate**: 3.0% - **DCF-based TP**: 20x FY22E PE - **Equity Value**: HK$129,177 million - **DCF per share**: HK$13.20 ## Shareholding and Performance ### Shareholding Structure - **Management**: 23.60% - **UBS Group**: 7.56% - **Common Success Intl**: 6.09% - **Free float**: 62.75% ### Share Performance - **1-month**: -7.5% (Absolute), +5.3% (Relative) - **3-months**: +9.7% (Absolute), +18.7% (Relative) - **6-months**: -5.8% (Absolute), +7.5% (Relative) ### Market Cap - **HK$103,938 million** ## Key Ratios ### Profit & Loss Ratios - **Gross Margin**: 76.00% - **EBITDA Margin**: 27.8% (FY22E), 29.8% (FY24E) - **Net Margin**: 20.6% (FY22E), 22.6% (FY24E) - **Effective Tax Rate**: 17.0% ### Balance Sheet Ratios - **Current Ratio**: 2.5 (FY20A), 4.1 (FY24E) - **ROE**: 23.1% (FY20A), 20.3% (FY24E) - **ROA**: 17.2% (FY20A), 16.0% (FY24E) ## Analyst Recommendations - **Rating**: BUY - **Target Price**: HK$13.20 (+51.55% upside from current price of HK$8.71) - **Reasoning**: The company's strong R&D investment, promising pipeline, and potential for growth in the innovative drug space support the BUY rating. ## Risk and Disclaimer - This report is for informational purposes only and should not be construed as investment advice. - The information is subject to change without notice. - CMBIGM is not liable for any losses or damages arising from reliance on this report. - The report is not intended for distribution to individuals outside of the specified categories in the UK, US, and Singapore. ## Conclusion CSPC Pharmaceutical is positioned as a strong player in the China healthcare sector, with a solid financial performance and a growing pipeline of innovative drug candidates. The early data on its mRNA vaccine candidate, SYS6006, is encouraging, and the company continues to invest heavily in R&D. The BUY rating reflects the potential for significant returns, supported by the revised DCF valuation and strong earnings outlook. Investors should be aware of the risks and consult with a professional financial advisor before making investment decisions.