Morgan Stanley has issued a research report indicating that Shanghai Pharmaceuticals (02607) reported first-quarter revenue of RMB 75.3 billion, a year-on-year increase of 6.4%, and a net profit of RMB 1.418 billion, also up 6.4% year-on-year. Both figures were in line with the firm's expectations. The report noted that Shanghai Pharmaceuticals is currently in discussions with multinational companies from the United States and the European Union regarding potential business development opportunities within its research and development pipeline. The firm has assigned an "In-line" rating to Shanghai Pharmaceuticals' (601607.SH) A-shares, with a target price of RMB 18.8.
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