HSBC: Initiates coverage of Johnson Pharmaceuticals (03692) with a "hold" rating and a target price of 43 Hong Kong dollars.

Wisdom Financial APP learned that JP Morgan Chase released a research report stating that, for the first time, it covers the Johnson Pharmaceuticals (03692) H-share with a "hold" rating and a target price of HK$43 based on cash flow discount rate. Morgan Stanley stated that Johnson has transformed into an innovative leader in recent years, with the contribution of sales of innovative products increasing from 18% in 2020 to 77% in 2024, with an annual compound growth rate of 57%; Believes that Johnson is one of the most advantaged companies among Chinese biopharmaceutical companies and can benefit from the trend of licensing cooperation.