四川科伦药业(002422.SZ)：业绩回顾——3Q26收入符合预期、净利润超预期，目标价下调至人民币48元，维持买入

Goldman Sachs reviews Sichuan Kelun Pharmaceutical's 3Q26 results. Revenue came in line with GSe, with the company achieving positive revenue growth despite a roughly 28% year-on-year decline in its API business; the analysts believe the infusion and generic drug segments have staged a bottoming recovery as expected, further bolstered by rapidly ramping sales of innovative drugs from Kelun Biotech. The net profit upside surprise was primarily driven by a lower-than-expected R&D expense ratio and a lower effective tax rate, prompting an upward revision to earnings estimates. Using an SOTP valuation methodology, the 12-month target price is cut on lower market caps for Chuaining Bio and SSY, while the Buy rating is maintained. Kelun is viewed as a leader in China's medical infusion market and an important player in API and generic drugs, with its forward P/E in the second-lowest quartile of the past five years;