CITIC SEC: Maintains "buy" rating on GIANT BIOGENE (02367) with a target price of HK$44.

CITIC SEC released a research report stating that, due to the impact of the industry environment and the trade-offs in corporate operational decisions, GIANT BIOGENE (02367) faced sales pressure on Singles' Day, leading to a downgrade in revenue and profit forecasts for 2025. At the same time, the company's brand assets are solid, and there are structural highlights in its operations. Looking ahead, the company has a clear short and medium-term strategy, and can formulate a revenue target of 10 billion yuan, with clear plans in terms of products, operations, and channels. While launching new products, the company will also undergo a brand reshaping, with the potential to create a second popular over-the-counter brand. Adjusting the revenue and profit forecasts for 2025 to 5.49 billion yuan and 1.93 billion yuan respectively, adjusting the forecasted attributable net profit to 1.98 billion yuan, giving a target price of 44 Hong Kong dollars for 2026 at a PE of 20x, maintaining a "Buy" rating.