Citi has released a research report stating that CSPC Pharma (01093) issued a profit alert, forecasting its first-half net profit to range between 5.9 billion and 6.2 billion RMB. This compares to 2.55 billion RMB in the same period last year, indicating a year-on-year increase of 131% to 143%, which significantly surpasses market expectations of 2.5 billion RMB.
The firm believes that CSPC's performance has substantially exceeded forecasts, designating it as one of the top picks in the pharmaceutical sector. Citi maintains its 'Buy' rating on the stock and a target price of 11.5 Hong Kong dollars.
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