Cailian Press will regularly compile ratings and target prices from various institutions for Hong Kong stocks.
Cailian Press reported on April 9 (Editor: Tong Gu) The following are the latest ratings and target prices for Hong Kong stocks from various institutions:
Zhongtai International: Reiterates Buy rating for Innovent Bio with a target price of HKD 146.50
Zhongtai International issued a research report on Innovent Bio (01801.HK), stating that the company’s revenue is expected to increase by 38.4% year-over-year to RMB 13.04 billion in 2025, marking a historic turnaround to profitability. Tyvyt shows steady growth while newly launched oncology drugs such as Masmadutide are gaining rapid traction; next-generation IO+ADC pipelines including IBI363 and IBI343 have entered pivotal clinical trials. IBI324, an ophthalmic drug, achieved positive top-line data and plans to initiate international Phase III trials. Intensive global R&D progress serves as a catalyst, driving both commercialization and innovation.
Zhongtai International: Maintains Outperform rating for RemeGen with a target price of HKD 110.60
Zhongtai International issued a research report on RemeGen (09995.HK), stating that the company’s revenue is projected to grow by 89.5% year-over-year to RMB 3.24 billion in 2025, successfully turning profitable. Sales of core product Telitacicept surged after adding rheumatoid arthritis and myasthenia gravis indications. Disitamab vedotin demonstrated excellent clinical data for its new indication in breast cancer with liver metastasis. A collaboration agreement worth USD 650 million upfront was reached with AbbVie, significantly strengthening financial resources. Product sales revenue is expected to maintain a three-year CAGR of 31.1%.
Zhongtai International: Maintains Buy rating for Weigao Medical with a target price of HKD 4.70
Zhongtai International issued a research report on Weigao Medical (01066.HK), stating that the impact of centralized procurement price cuts on the medical device segment is nearing an end in 2025, with sales of infusion sets and indwelling needles rebounding. Blood management business achieved 13.5% revenue growth due to increased overseas demand for blood bags. Orthopedics business grew 7.8% quarter-on-quarter in the second half, indicating gradual recovery overall. It is anticipated that the overhang from low-value consumables procurement will dissipate starting in 2026, leading to stable profit margins and potential earnings recovery.
Zhongtai International: Maintains Strong Buy rating for Quanxin Bio-B with a target price of HKD 37.35
Zhongtai International issued a research report on Quanxin Bio-B (02509.HK), stating that long-acting bispecific antibodies QX030N, QX031N, and QX027N have secured overseas licensing deals totaling USD 2.325 billion with Caldera, Roche, and Windward respectively. Seralcin ustekinumab is set to add a Crohn’s disease indication in H1 2026. Multiple NDAs for Otocilizumab and Ruselcitamab have been submitted or accepted. The value of the monoclonal antibody pipeline is being fully realized through external collaborations and self-commercialization.
Haitong International: Maintains Outperform rating for Hygeia Healthcare
Haitong International released a research report on Hygeia Healthcare (06078.HK), stating that the company’s revenue stabilized quarter-on-quarter in H2 2025, with operating cash flow reaching a record high. The commissioning of new hospitals such as Wuxi Hygeia marks the nearing completion of capacity construction. The international medical business has achieved monthly revenue exceeding RMB 8 million by serving patients from Southeast Asia. The company has passed its peak capital expenditure period, and its normalized free cash flow is expected to reach RMB 8-9 billion annually, which will be used for share repurchases, dividends, and acquisitions, highlighting its operational resilience.
Guotai Haitong: Reiterates Buy rating on Innovation Qitech with a target price of HKD 14.36.
Guotai Haitong issued a research report on Innovation Qitech (02121.HK), stating that the company’s performance returned to growth in 2025, with total revenue increasing by 23.8% year-on-year and the adjusted net loss narrowing to RMB 65.73 million. Revenue from the AI + Manufacturing business grew by 24.8% year-on-year. The company established the ‘One Model, One System, Two Wings’ strategy, further solidifying its AInnoGC industrial large model matrix, achieving breakthrough progress in industrial embodied intelligence and industrial design generation. The productization of its three major platforms accelerated, empowering multi-industry solutions.
Guotai Haitong: Reiterates Buy rating on Minglue Technology-W with a target price of HKD 254.75.
Guotai Haitong issued a research report on Minglue Technology-W (02718.HK), stating that the company’s Agentic Services revenue reached RMB 100 million in 2025, contributing significant growth for the first time. The renewal rate for key customers reached 96%. The self-developed DeepMiner enterprise-level AI agent platform and proprietary models Cito/Mano drove efficiency improvements in marketing and operational delivery by up to four times. Gross margin increased by 3.8 percentage points to 55.4%, operating losses narrowed significantly, and adjusted net profit turned positive.
Guotai Haitong: Initiates coverage on XD Company with a Buy rating and a target price of HKD 93.25.
Guotai Haitong issued a research report on XD Company (02400.HK), stating that the company formed a dual-core driver model of ‘Games + TapTap,’ with revenue reaching RMB 5.76 billion and net profit at RMB 1.54 billion in 2025, representing year-on-year growth of 15% and 89%, respectively. TapTap, as a zero-revenue-share independent gaming community, boasts over 40 million highly engaged users, capturing 10% of the gaming advertising market. Through the REP platform, it completes the commercial closed loop, forming a virtuous cycle of content-traffic-revenue alongside self-developed premium games such as ‘Departure: Muffin’ and ‘XD Town.’
Guotai Haitong: Reiterates Buy rating on Unisound with a target price of HKD 415.10.
Guotai Haitong issued a research report on Unisound (09678.HK), stating that the company’s revenue grew by 29.0% year-on-year to RMB 1.211 billion in 2025, with revenue from large model-related businesses surging tenfold to RMB 610 million. The company built the ‘Shanhai’ multimodal large model matrix and launched industry-specific models such as ‘Zhiyi 5.0’ and ‘Zhiyin 2.0.’ These foundational models are deeply applied in smart healthcare (e.g., Jiangsu Medical Insurance Large Model) and smart living, driving MaaS scalability and API subscription-based monetization.
Guotai Haitong: Maintains Cautious Buy rating on 51 World with a target price of HKD 41.20.
Guotai Haitong issued a research report on Wuyi Vision (06651.HK), stating that the company has built an integrated capability of ‘data + simulation + AI’. The 51Aes digital twin platform consolidates its commercial foundation, while 51Sim’s synthetic data and simulation testing services for intelligent driving and AI training demonstrate high growth potential. Benefiting from demand in autonomous driving simulation, embodied intelligence, and digital infrastructure, the company is expected to unlock long-term growth opportunities and is currently in the investment phase for commercialization and scale expansion.
