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招银证券5月30日发布公告。Maintain BUY. In May 2023, the Company has been selected as a constituent of the MSCI China Small Cap Index. Recbio reported RMB722.7mn net attributable loss for 2022, vs RMB657.6mn net attributable loss in 2021. R&D expense increased by 51.5% YoY to RMB716.4mn in 2022, mainly due to clinical trial expenses related to the expansion of scope of ReCOV clinical trials and Ph III trial of REC603. Given the declining demand for COVID vaccines and intensifying competition among domestic COVID vaccines, we lowered our estimates on ReCOV. We revised our TP from HK$38.86 to HK$20.96 (WACC: 10.6%, terminal growth rate: 2.5%).