Cinda Securities: First initiated a "buy" rating for Federal Pharmaceutical (03933.HK), with vast potential in its innovation pipeline space.

According to the Zhitong financial APP, Zhongtai Securities released a research report stating that it is expected that the income of Fosun Pharma (03933.HK) from 2025 to 2027 will be 15.088 billion, 14.651 billion, and 16.036 billion, with a year-on-year growth of 9.7%, -2.9%, and 9.5%, respectively. The net profit attributable to shareholders will be 2.758 billion, 2.638 billion, and 2.956 billion, with a year-on-year growth of 3.7%, -4.3%, and 12.1% from 2025 to 2027. The corresponding P/E ratios are 11, 12, and 10 times, respectively. Considering the company's broad innovation pipeline and stable competitive landscape in traditional businesses, including insulin preparations and animal health businesses, this is the first coverage of Fosun Pharma, with a "buy" rating.