Yao Ming Biotech (02269) rose more than 6%. As of press release, it rose 6.25% to HK$1,462, with a turnover of HK$389 million.
The Zhitong Finance App learned that Yao Ming Biotech (02269) rose by more than 6%. As of press release, it had risen 6.25% to HK$14.62, with a turnover of HK$389 million.
According to the news, Yao Ming Biotech recently announced its 2023 annual results, with revenue of 17.034 billion yuan (RMB, same below), an increase of 11.6% over the previous year; the company's owners should account for 3.4 billion yuan in net profit. It is worth mentioning that the company's business rebounded significantly in the second half of 2023. The number of comprehensive projects increased from 588 in the same period last year to 698 as of December 31, 2023, including 132 new integrated projects and a record for the number of new non-COVID-19 projects added each year.
Guosheng Securities pointed out that the company's revenue and profit are in line with expectations, and non-COVID-19 revenue has maintained rapid growth, especially in late-stage commercialization projects. Looking ahead to 2024, the recovery trend is in place, and the company is expected to achieve steady growth. The company expects revenue growth of 5-10% in 2024, and non-COVID-19 revenue is expected to increase by 8-14%. Damo maintains the “gain” rating of Pharmacovigenics, with a target price of HK$63.1.