德意志银行-xx医疗保健行业-2q17 earnings preview：expecting stable growth-20170721-deutschebank.pdfVIP

China Healthcare Deutsche Bank Markets Research Asia Industry Date China China Healthcare 21 July 2017 Hong Kong Health Care Industry Update Pharmaceuticals / Biotechnology 2Q17 Earnings preview: expecting stable growth Jack Hu, PhD Expecting healthy results; top picks include Hengrui, SBP and Universal We anticipate most large cap names to deliver in-line results with stable growth Research Analyst for the incoming earnings season. We forecast 24%/17%/27% EPS growth for +852-2203 6208 Hengrui/SBP/CSPC in 2Q17, and 13%/17% for Sinopharm and Shanghai Pharma, respectively, in 1H17. As reform initiatives are generating impacts on the entire Linc Yiu value chain, we believe it would be interesting to revisit names that take one- Research Associate time hit, including Phoenix, Sinopharm, and CBPO/Hualan. We highlight our top +852-2203 6248 picks Hengrui and SBP in view of consensus under-appreciation for respective pipelines. We also highlight key near-/mid-term catalysts for Hengrui, SBP, CSPC Key Changes and CBPO. Company Target Price Rating CBPO.OQ 155.00 to 140.00 Stable growth for flagship products from high frequency data as of May 2017 1