China Post Securities: First-time rating "buy" for Federal Pharmaceuticals (03933.HK) Insulin formulation business performance impressive.

According to the Wise Wealth APP, China Post Securities released a research report stating that Sino Biopharmaceutical (03933.HK) is one of the leading comprehensive pharmaceutical enterprises, with businesses extending to the fields of biopharmaceutical and animal health, and its research and development has entered a period of harvest. It is estimated that the company's revenue for the years 2025/2026/2027 will be RMB 13.42 billion /12.65 billion /13.84 billion, with year-on-year growth rates of -2.5% / -5.7% / 9.4%, and net profit attributable to shareholders will be RMB 2.36 billion / 2.02 billion / 2.41 billion, with year-on-year growth rates of -11.4% / -14.2% / 19.4%. The corresponding PE ratio (Exchange rate based on 1HKD=0.92RMB) is 10/12/10 times. It is covered for the first time and is given a "buy" rating.