智通财经APP获悉，巨子生物(02367)午后跌超3%，截至发稿，跌2.95%，报33.54港元，成交额2.46亿港元。
招商证券国际发布研报称，将巨子生物评级由“增持”下调至“中性”，将目标价从64港元下调45%至35港元。报告指，公司正面临诸多挑战，包括一系列声誉危机，以及核心品牌可复美在双11大促期间出现两位数下滑。虽然该行认为公司股价已基本消化相关问题及随后下调2025年销售指引，但该行对2026年前景仍持谨慎态度。该行认为，当前市场一致预期可能过于乐观。
该行指，巨子生物的投资逻辑已由增长转向战略调整，该行认为当前尚缺乏明显的反弹催化剂。在企稳迹象更加明朗之前，持观望态度。该行将2025-27年收入预测平均下调30%，以反映管理层最新指引及该行对2026年更加审慎的展望。该行将销售费用率预测从36%上调至38%，以反映调整阶段下的执行挑战。目标价基于由原来的2026年预测市盈率21.5倍降至16倍。
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