CITIC Securities released a research report stating that ADICON HOLDINGS (09860) is assigned a 30 times price-to-earnings ratio for 2026, resulting in a target market capitalization of HK$3.3 billion, corresponding to a target price of HK$4.5, with the rating lowered to "Accumulate."

The report indicates that the company's revenue has returned to positive growth while profits are expanding, signaling that a turning point has arrived. Gross margin improvements are notable, and core business segments have entered a growth trajectory.

Looking ahead, ADICON HOLDINGS has set a five-year plan targeting revenue of RMB 6 billion by 2031, though the acquisition of Crown Bioscience carries certain uncertainties.

The brokerage forecasts revenue for 2026-2028 at RMB 2.805 billion, RMB 3.042 billion, and RMB 3.301 billion, respectively, representing year-on-year growth of 6% to 9%. Net profit is projected to be RMB 99 million, RMB 166 million, and RMB 201 million for the same period, with year-on-year increases of 435%, 69%, and 21%, respectively. Corresponding earnings per share estimates for 2026-2028 are HK$0.15, HK$0.25, and HK$0.30.