Sinopharm Group Co Ltd

01099: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$84.80	Wvnbvyb	Jpnzfgmh

Sinopharm's Earnings Slightly Better Than Expected; Shares Still Have Room to Rally

Jay Lee

Mar 27, 2023

Narrow-moat Sinopharm’s full-year earnings were slightly stronger than our expectation due to better-than-expected resilience in the fourth quarter, despite China’s COVID-19 outbreak that began in December. Revenue for the quarter and full year was CNY 146 billion and CNY 552 billion, respectively, or 4.3% and 6.0% year-on-year growth. Net profit margin for the full year was 1.54%, which shows good margin stability despite a challenging year.

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