BOCOM International lowered its target price for CSPC PHARMA to HKD8.05, maintaining a Neutral rating due to fair current valuation. The company's finished drug business sales grew by 6.2% YoY in 1Q26, with strong growth in CNS and cardiovascular segments, although revenue from vitamin C and antibiotic APIs declined significantly. Despite these challenges, management expects a return to positive growth for the full year, supported by stable functional food sales and positive R&D progress.
