BofA Securities has issued a research report adjusting its price target for China Resources Pharma (03320) downward from HK$5.9 to HK$5.7, while reiterating a "Buy" rating on the stock.

The firm noted that the company delivered steady first-half results, with revenue growing 2% year-on-year and gross profit edging up 0.1% annually. Gross margin, however, contracted by 0.3 percentage points year-on-year to 16%, while net profit rose 5.3% compared to the same period last year.

Based on the interim performance, BofA Securities has revised its revenue forecasts across various business segments, cutting projections for 2026, 2027, and 2028 by 4%, 4%, and 5%, respectively. The bank also raised its administrative expense ratio estimate by 0.1 percentage points starting from 2026, reflecting business expansion initiatives.

Overall, the brokerage has reduced its earnings estimates for 2026, 2027, and 2028 by 6%, 7%, and 7%, respectively, aligning with the updated outlook.