CRO concept stocks generally declined in early trading. As of press release, Pharmaceuticals (02359) fell 4.86% to HK$38.2; Tiger Pharmaceuticals (03347) fell 4.48% to HK$29.85; Zhaoyan Pharmaceutical (06127) fell 4.47% to HK$9.18; Kanglong Chemical (03759) fell 4.21% to HK$9.79.
The Zhitong Finance App learned that CRO concept stocks generally declined in early trading. As of press release, Yao Ming Kangde (02359) fell 4.86% to HK$38.2; Tiger Pharmaceuticals (03347) fell 4.48% to HK$29.85; Zhaoyan Pharmaceutical (06127) fell 4.47% to HK$9.18; Kanglong Chemical (03759) fell 4.21% to HK$9.79.
According to the news, Yao Ming Kangde previously announced that it expects revenue of 38.3 billion yuan to 40.5 billion yuan in 2024, an increase of -5.06% to 0.39% over the full year of 2023. Even according to the optimistic estimate of 40.5 billion yuan, the company's revenue growth rate will hit a new low in nearly ten years. Zhongtai International said that it is expected that Pharmaceutical Kangde's 2024-25 revenue will fall short of earlier expectations.
Citi released a research report saying that Yao Ming Kangde's guidelines this year are disappointing, further weakening market confidence and reflecting uncertain growth prospects. In response to this year's guidance and the uncertainty of US sanctions, its 2024 and 2025 revenue forecasts were lowered by 22% and 35%, respectively, and earnings per share forecasts were lowered by 19% and 34% respectively, and long-term revenue growth was expected to be moderate, so its target price was drastically lowered from HK$175 to HK$90.