1、 Watchlist the stock on Insights Direct to receive prompt updates ed-JS/sa-CS/AH BUYBUY (Initiating Coverage)Last Traded PriceLast Traded Price (22 May 202522 May 2025):HKD17.46 (HSIHSI :23,544)Price Target Price Target 1212-mthmth:HKD26.46(52%upside)Analysts Mark Kong CFA+852 36684187 mark_ Nico Ch

2、en+852 36684171 View our full data-driven analysis and more at DBS Insights Direct Price Relative Forecasts and Valuation FY Dec(RMBmn)2024A 2025F 2026F 2027F Turnover 0 0 0 180 EBITDA(284)(293)(323)(234)Pre-tax Profit(254)(266)(306)(227)Net Profit(254)(266)(306)(227)Net Pft(Pre Ex)(core profit)(254

3、)(266)(306)(227)Net Profit Gth(Pre-ex)(%)14.6(4.8)(15.0)26.0 EPS(RMB)(0.71)(0.65)(0.75)(0.56)EPS(HKD)(0.77)(0.71)(0.81)(0.60)Core EPS(RMB)(0.71)(0.65)(0.75)(0.56)Core EPS(HKD)(0.77)(0.71)(0.81)(0.60)EPS Gth(%)57.7 8.1(15.0)26.0 Core EPS Gth(%)47.5 8.1(15.0)26.0 Diluted EPS(HKD)(0.77)(0.71)(0.81)(0.6

4、0)DPS(HKD)0.00 0.00 0.00 0.00 BV Per Share(HKD)2.13 1.43 0.61 0.01 PE(X)nm nm nm nm CorePE(X)nm nm nm nm P/Cash Flow(X)nm nm nm nm P/Free CF(X)nm nm nm nm EV/EBITDA(X)nm nm nm nm Net Div Yield(%)0.0 0.0 0.0 0.0 P/Book Value(X)8.2 12.3 28.6 1283.3 Net Debt/Equity(X)CASH CASH 0.2 19.1 ROAE(%)(31.6)(39

5、.7)(79.6)(191.3)Earnings Rev(%):New New New Source of all data on this page:Company,DBS Bank(Hong Kong)Limited(“DBS”),Thomson Reuters Riding on Eli Lillys recognitionRiding on Eli Lillys recognition Laeknas Laeknas weight loss drug weight loss drug LAE102 LAE102 could prevent muscle losscould preven

6、t muscle loss,overcomovercominging key weakness of dominant weigh loss drugkey weakness of dominant weigh loss drugs s,which which attractedattracted Eli LillyEli Lilly (LLY US)to fully fund LAE102 clinical trial in US(LLY US)to fully fund LAE102 clinical trial in US Two Two potential potential shar