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Dawnrays Pharmaceutical Holdings Ltd.
(2348)
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Rating:75Outperform
Price Target:
HK$1.00
▲(0.00% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid financial standing (notably very low leverage and healthy margins) and strong valuation support (low P/E and high dividend yield). This is tempered by inconsistent earnings/revenue stability and a neutral-to-weak technical trend with negative MACD and price below key longer-term moving averages.
Positive Factors
Very low leverage / strong balance sheet
Extremely low debt and sizable equity provide durable financial flexibility: the company can fund working capital, capex or M&A without reliance on external debt, better withstand industry shocks, and support operations and strategic initiatives over the next several quarters to years.
Negative Factors
Earnings volatility / sharp net income drop
A large year‑over‑year earnings swing undermines predictability of profits and impairs planning for reinvestment or distributions. Persistent earnings volatility can reduce stakeholder confidence and complicate longer‑term investment decisions and resource allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
Extremely low debt and sizable equity provide durable financial flexibility: the company can fund working capital, capex or M&A without reliance on external debt, better withstand industry shocks, and support operations and strategic initiatives over the next several quarters to years.
Read all positive factors
Dawnrays Pharmaceutical Holdings Ltd. (2348) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.48B
Dividend Yield6.33%
Average Volume (3M)130.10K
Price to Earnings (P/E)5.6
Beta (1Y)0.33
Revenue Growth6.55%
EPS Growth36.62%
CountryHK
Employees1,081
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.15
Shares Outstanding1,507,025,000
10 Day Avg. Volume153,900
30 Day Avg. Volume130,100
Financial Highlights & Ratios
PEG Ratio-0.12
Price to Book (P/B)0.49
Price to Sales (P/S)1.34
P/FCF Ratio6.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Dawnrays Pharmaceutical Holdings Ltd. Business Overview & Revenue Model
Company Description
Dawnrays Pharmaceutical (Holdings) Limited operates as an investment holding company, primarily engaged in the creation, production, and global distribution of generic pharmaceutical medicines, with a focus on Mainland China and international mark...
How the Company Makes Money
null...
Dawnrays Pharmaceutical Holdings Ltd. Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
86
Very Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.14B | 1.23B | 1.06B | 1.15B | 1.28B | 1.17B |
| Gross Profit | 544.47M | 557.40M | 577.63M | 641.52M | 766.68M | 675.36M |
| EBITDA | 350.14M | 343.66M | 280.49M | 498.94M | 505.19M | 433.89M |
| Net Income | 231.04M | 213.97M | 564.94M | 326.00M | 358.06M | 358.18M |
Balance Sheet | ||||||
| Total Assets | 3.99B | 4.01B | 4.01B | 3.62B | 3.67B | 3.34B |
| Cash, Cash Equivalents and Short-Term Investments | 1.59B | 1.58B | 1.37B | 1.07B | 993.04M | 830.22M |
| Total Debt | 4.48M | 77.51M | 34.72M | 120.53M | 8.41M | 23.52M |
| Total Liabilities | 552.42M | 621.75M | 682.61M | 763.42M | 1.02B | 941.70M |
| Stockholders Equity | 3.43B | 3.39B | 3.32B | 2.85B | 2.64B | 2.38B |
Cash Flow | ||||||
| Free Cash Flow | 139.90M | 236.01M | 44.58M | 126.39M | 229.90M | 80.07M |
| Operating Cash Flow | 168.47M | 355.41M | 220.20M | 338.40M | 434.27M | 393.14M |
| Investing Cash Flow | 46.98M | -368.80M | 205.17M | -387.57M | -175.01M | -284.20M |
| Financing Cash Flow | 68.96M | -54.99M | -189.44M | 2.07M | -92.70M | -129.75M |
Dawnrays Pharmaceutical Holdings Ltd. Technical Analysis
Negative
1.00
Price Trends
1.00
Negative
1.03
Negative
1.08
Negative
Market Momentum
>-0.01
Positive
42.17
Neutral
16.48
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2348, the sentiment is Negative. The current price of 1 is below the 20-day moving average (MA) of 1.00, below the 50-day MA of 1.00, and below the 200-day MA of 1.08, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.17 is Neutral, neither overbought nor oversold. The STOCH value of 16.48 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2348.
Dawnrays Pharmaceutical Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$1.48B | 5.58 | 6.78% | 6.33% | 6.55% | 36.62% | |
74 Outperform | HK$1.44B | 6.82 | 18.70% | 10.02% | 6.69% | 2.45% | |
70 Outperform | HK$1.83B | 6.46 | 13.26% | 9.28% | -0.47% | -0.40% | |
65 Neutral | HK$721.32M | 4.50 | 7.52% | 3.86% | 7.05% | 22.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
43 Neutral | HK$566.12M | -213.98 | -0.66% | 1.15% | 18.14% | 98.32% | |
42 Neutral | HK$2.18B | -6.88 | -31.33% | ― | ― | ― |
* Healthcare Sector Average
HK:2348
Dawnrays Pharmaceutical Holdings Ltd.
1.00
-0.17
-14.30%
HK:0950
Lee's Pharmaceutical Holdings Limited
1.17
-0.79
-40.38%
HK:1652
Fusen Pharmaceutical Co., Ltd.
0.80
0.42
110.53%
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JBM (Healthcare) Ltd.
1.71
-1.08
-38.87%
HK:2633
Jacobson Pharma Corporation Limited
0.98
-0.42
-30.16%
HK:2561
VISEN Pharmaceuticals
19.61
-25.25
-56.29%
Dawnrays Pharmaceutical Holdings Ltd. Corporate Events
Dawnrays Pharmaceutical Grants 10 Million Share Options to Staff Under 2023 Scheme
Jul 3, 2026
Dawnrays Pharmaceutical has granted 10 million share options under its 2023 Share Option Scheme to 14 eligible employees of the group, with an exercise price of HK$1.00 per share and a six-year validity period. The options vest in five equal annua...
Dawnrays Commits RMB100 Million to New Biopharmaceutical Venture Fund
Jun 18, 2026
Dawnrays Pharmaceutical’s wholly owned unit Suzhou Dawnrays has agreed to form a biopharmaceutical venture capital investment fund partnership with Zhongjianxin and Shanghai Jianxin, committing up to RMB100 million for a 50% stake in the fun...
Dawnrays Wins China Approval for New Antidepressant Tablets
May 29, 2026
Dawnrays Pharmaceutical has reported that its subsidiary, Fujian Dawnrays Pharmaceutical, has received Chinese regulatory approval to produce and register 50mg and 100mg Trazodone Hydrochloride tablets, classified as a type 3 chemical drug that ha...
Dawnrays Wins China Nod for Once‑Weekly Diabetes Drug
May 27, 2026
Dawnrays Pharmaceutical’s subsidiary Suzhou Dawnrays Pharmaceutical Co., Ltd. has secured Chinese regulatory approval to produce and market Trelagliptin Succinate Tablets in 50mg and 100mg strengths, classified as a type 3 chemical drug that...
Dawnrays Pharmaceutical Wins Full Shareholder Backing at 2026 AGM
May 22, 2026
Dawnrays Pharmaceutical (Holdings) Limited reported that all resolutions at its 22 May 2026 annual general meeting were approved by shareholders via poll, with nearly all votes cast in favour. Directors, barring one absent for overseas work commit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.