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中信证券6月6日发布公告。With life sciences as its main business, the Company has achieved full coverage in the field and will continue to improve its service capabilities to deliver robust earnings growth. Cilta-cel, the core product of Legend Biotech, has been successfully launched in Europe, America and Japan and is currently in the early stage of a ramp-up in sales. During the earnings call, the Company anticipates that the product"s peak sales may exceed US$5bn, which will likely become the main driving force for its earnings growth. ProBio focuses on the biologics/CGT CDMO field. With the continuous buildup of production capacity and the growth in downstream demand, we expect the Company to maintain rapid earnings growth. Combining the results of the absolute and the relative valuation methods, we believe that the Company deserves a 2023E fair value of US$6.565bn, equivalent to HK$51.2bn and corresponding to a target price of HK$24. We initiate coverage with a "BUY" rating.
