Guotou Securities Maintains "Buy-A" Rating on Zhongsheng Pharmaceutical with Target Price of RMB26.68

SDIC Securities Research Report Points Out,Zhongsheng PharmaceuticalCooperating with Qilu Pharmaceutical to jointly promote the commercialization of the GLP-1/GIP dual-target drug RAY1225 in China. The domestic market authorization for the GLP-1/GIP dual-target drug RAY1225 has been granted to Qilu Pharmaceutical, and future overseas market authorizations are highly anticipated. With Qilu Pharmaceutical's strong commercialization capabilities in China, RAY1225 is expected to achieve significant sales growth. Once RAY1225 is approved for marketing in China, it is likely to realize considerable sales growth thanks to Qilu Pharmaceutical’s robust commercialization abilities. Considering that the company’s innovation transformation is about to enter the realization phase, we assign a PE ratio of 60 times for 2026, corresponding to a 12-month target price of 26.68 yuan per share, maintaining an "A-Buy" investment rating.