风险回报更新

研报英文原文证据摘录

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M

Update

August 20, 2026 01:36 PM GMT

Morgan Stanley Asia Limited+

CSPC Pharmaceutical Group | Asia Pacific

Alexis Yan, CFA

Equity Analyst

Risk Reward Update

What’s Changed

CSPC Pharmaceutical Group (1093.HK)

From

To

Price Target

HK$11.00

HK$12.00

Bull Case

HK$17.00

HK$19.00

Base Case

HK$11.00

HK$12.00

Bear Case

HK$5.70

HK$6.00

Updated Components

EPS

Investment Thesis

Bull Base Bear Scenarios

CSPC Pharmaceutical Group (1093.HK, 1093 HK)

China Healthcare | China

Stock Rating

Industry View

Price target

Shr price, close (Aug 20, 2026)

52-Week Range

Fiscal Year Ending

Risk Reward for CSPC Pharmaceutical Group (1093.HK) has been

updated.

Reason for change

EPS (Rmb)**

Prior EPS (Rmb)**

Overweight

Attractive

HK$12.00

HK$9.52

HK$11.63-6.53

12/25 12/26e 12/27e 12/28e

0.3

1.1

1.0

0.5

0.4

0.5

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Model adjustments after 2Q26 results. We raise EPS estimates 10% for 2026, 11%

for 2027, and 10% for 2028, mainly reflecting faster pace of receipt of business

development income and revenue booking per trend observed. Meanwhile, we also

expect the finished drug sales portfolio to generate resilient growth, with industry

headwinds largely digested.

Our DCF-based price target is raised to Rmb12 accordingly.

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companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.