Goldman Sachs China Healthcare: A-share 1H26 Preview: United Imaging Leading the Sector; Pharmacy Names See Continuous Recovery
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Key Views
United Imaging (1H26 revenue forecast: RMB 7.082 billion, +18% YoY; net profit: RMB 911 million, +29% YoY) and Tonghua Dongbao (revenue: RMB 1.562 billion, +14%; net profit: RMB 250 million, +15%) are projected to deliver high growth. Conversely, premium TCM remains weak with Pien Tze Huang expecting -12% revenue growth, and Hualan Bio facing a -10% revenue decline due to blood product oversupply. The vaccine sector is bottoming out, but Chongqing Zhifei, Kangtai, and Walvax face headwinds from declining birth rates and competition.
Outlook
Some 1H26 revenue has been shifted to 2H26 to reflect seasonal timing and delayed tender activity; full-year forecasts remain unchanged.
Recommended Securities
United Imaging (688271.SS, Buy, TP RMB 172); Yifeng Pharmacy (603939.SS, Buy, TP RMB 32); Mindray (300760.SZ, Buy, TP RMB 247); Dashenlin (603233.SS, Buy, TP RMB 25).
Key exhibits
Exhibit 1
Exhibit 2
