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First Shanghai Adjusts Price Target on Apple to $230 From $255, Maintains Hold Rating
【Brokerage Focus】FIRST SHANGHAI has given JD HEALTH (06618) an initial Buy rating, indicating that with service expansion and deepened offline collaboration, the company is expected to increase its market share.
Jinwu Finance | FIRST SHANGHAI research indicates that China's Medical Health Industry has developed rapidly in recent years, with a market size reaching 4.5 trillion yuan in 2019, expected to exceed 6.9 trillion yuan by 2024, with an average annual compound growth rate of over 10%. In terms of sales channels, there is a rapid shift from in-hospital to out-of-hospital, and there remains untapped potential for online penetration, with the Internet penetration rate for Pharmaceuticals around 13% in 2024. The collaboration of technology and policy is driving the industry towards greater efficiency, intelligence, and inclusivity, with expectations for continuous increases in the online rate and a broad industry outlook. JD HEALTH (06618) is driving growth through a dual approach of "Pharmaceutical E-commerce + Medical Services."
[Brokerage Focus] FIRST SHANGHAI: Laikang Pharmaceutical (02105) LAE102 is one of the potential heavyweight solutions for reducing lipids and increasing muscle mass.
Jinwu Financial News | FIRST SHANGHAI Research Report indicates that Dr. Lv Xiangyang, the founder of Leka Pharmaceuticals (02105), has over 30 years of research experience in the ActR signaling pathway and was a co-inventor of Novartis's bimagrumab. Among the company's pipeline, LAE102 is currently the most anticipated by the market. LAE102 in combination with semaglutide demonstrated a synergistic effect in reducing fat (40% fat reduction) and protecting muscle in mouse models. From June to December 2024, LAE102 will complete the Phase I single ascending dose (SAD) study in China with five intravenous dosing cohorts and three subcutaneous dosing cohorts targeting obesity indications.
FIRST SHANGHAI: ANNUAL REPORT 2024
[Brokerage Focus] FIRST SHANGHAI maintains a Buy rating on CSPC PHARMA (01093), stating that the company's new product volume is leading a return to growth.
Golden Finance News | FIRST SHANGHAI released a Research Report indicating that CSPC PHARMA (01093) will achieve revenue of 29.01 billion yuan in 2024 (down 7.8% year-on-year, the same below), with Chinese Patent Medicine revenue at 23.74 billion yuan (-7.4%) and Active Pharmaceutical Ingredient and functional food at 5.27 billion yuan (-9.3%). The gross margin is 70.0% (-0.5 pcts), R&D expenses are 5.19 billion yuan (+7.5%), and the R&D expense ratio is 17.9% (+2.5 pct); management expense ratio is 3.7% (-0.1 pct); sales expense ratio is 29.9% (+0.8 pcts). Net profit attributable to shareholders.
[Brokerage Focus] FIRST SHANGHAI gives CHINA OVERSEAS (00688) a Buy rating, indicating that the company's profit margin has declined but still maintains industry leadership.
Jinwu Finance | FIRST SHANGHAI released a Research Report indicating that CHINA OVERSEAS (00688) has a contracted sales amount of approximately 310.7 billion yuan for 2024, a year-on-year increase of 0.3% (the only company among the top 10 real estate companies to achieve positive sales growth), ranking second in the Industry, with the highest sales amount based on equity. The contracted sales area is approximately 11.49 million square meters, a year-on-year decrease of 14%, while the average selling price has increased by 24.4% to 33,810 yuan/square meter, and the overall market share has risen by 0.55 percentage points to 3.21%. The company continues to focus on the main stream cities and mainstream locations, with contracted sales amounts in first and second-tier cities accounting for a significant portion of the group's series.
Chairman of First Shanghai Investments Yuen Yat Lo Buys 40% More Shares
