HSBC cut Tigermed (03347.HK) PT 7.2% to HKD55.4, lowered its A‑share PT to
CNY71.5 and kept a buy rating. The bank raised 2026–28 revenue forecasts 2–11%
after stronger new order bookings it expects to convert to revenue over the next
6–9 months. It trimmed gross‑margin forecasts by 69–294bps citing weaker
clinical‑trial orders and FX headwinds, and cut consumer recurring net‑profit
forecasts by 13% while raising 2027–28 recurring profit forecasts 2–11%. HSBC
said 1H2026 revenue beat expectations but recurring net profit missed owing to
lower ASPs in consumer trials and currency pressure; robust H1 new bookings
underpin its upbeat 2026–28 revenue and recurring‑margin outlook. A new employee
share plan implies recurring net profit in 2028 could be about 240% higher than
2025, supporting margin recovery.
