浦银国际研究 公司研究 | 医药行业 和黄医药（HCM.US/13.HK）：强劲呋喹替尼 海外销售推动业绩超预期；重申首选推荐 呋喹替尼 2Q24 实现海外 7,680 万美元销售额，推动和黄医药 1H24 肿瘤收入和净利润超预期。公司维持全年肿瘤板块收入 3-4 亿美元指 引，预计全年数字偏向指引高端区间。此外，公司降本增效成果显著， 有望较之前指引（2025 年底）提前实现盈利。重申我们的首选推荐 和"买入"评级，上调目标价至 26 美元/40.5 港元。 1H24 业绩超预期，主要受益于呋喹海外替尼继续超预期及研发费用 低于预期：1H24 肿瘤/免疫业务综合收入（consolidated revenue）为 1.687 亿美元，超过我们预期和市场预期，主要受益于呋喹替尼上半 年实现超预期美国市场销售额(in-market sales) 1.305 亿美元（2Q24 呋喹替尼在美国实现约7,680万美元销售额，对应约42% QoQ增长）。 公司实现净利润 2,580 万美元(vs. 1H23 净利润 1.686 亿美元，主要 由于收到武田首付款 2.587 亿美元)，明显强于市场和我们原本预期 的净亏损， ...

医药 2024 年 08 月 02 日 同 报 平夏正為 和黄医药(0013.HK) 味喹替尼海外商业化加速，全球创新管线持续催化 推荐 ( 編摘 ) 率项: 最价： 29.45 港元 主要教育 拉斯…居有 순司网址www.hutch-med.com 大股东/外股Hutchison Healthcare Holding Limited/38.39% 实际过程人兴工和尼夫皇 总股本(百万股) 871 流通 A 股(百万股) 流通 BH 酸(百万酸)_871 , 臺南篤人兒傳說 ! 宜惠 A 股市值(亿元) 每股净资产(港元) . 6.63 竞产负债率(%) 行情定势图 相关研究职告 【平安证券】和黄医药（0013.HK）*深度报告*大通应 症获规预期持续催化，快碰兽尼选军胃癌症诲ˉм爷 20240407 【平安正券 】 秒速 医药 （0013.HK） * 公司动态股 醇猴 各種性 20231107 蓝乡分析网 投资咨询资格骗导 $1060514100001 BOT335 YEYIN757@pingan.com.cn 投资咨询咨询咨 $1060519060002 hanmenomeno005@pingan.com ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 35.61, up from a previous target of HKD 34.31, indicating a potential upside of 20.9% from the current price of HKD 29.45 [3][4]. Core Insights - Hutchmed's oncology/immunology product revenue reached USD 128 million in H1 2024, a year-on-year increase of 59.6%, with USD 43 million coming from overseas sales. The total oncology/immunology revenue, including R&D services and Takeda collaboration, was USD 169 million, representing 48% of the FY24 guidance midpoint of USD 300-400 million [2]. - The strong sales performance of Fruquintinib in the U.S. market, with a quarter-on-quarter growth of 53% to JPY 11.9 billion (approximately USD 80 million), exceeded expectations and reflects robust demand [2]. - The company is expected to maintain strong sales momentum for Fruquintinib and other products in global markets, with anticipated submissions for expanded indications in China [2]. Financial Summary - Revenue projections for FY24E are USD 640 million, with a year-on-year growth rate of 23.6%. Net profit is expected to be USD 35 million, with earnings per share projected at USD 0.04 [12][14]. - R&D expenses are forecasted to decrease to USD 224 million in FY24E, down from USD 302 million in FY23A [12][14]. - The company reported a strong cash position of USD 803 million as of June 2024, providing a solid foundation for future growth [2]. Product Pipeline and Market Position - Fruquintinib is expected to receive a CDE decision for its sNDA for 2L GC in Q3 2024, which could further enhance its market position in China [2]. - Savolitinib is anticipated to become the company's second globally commercialized product, with an NDA submission to the U.S. FDA expected by the end of 2024 [2]. - Sovleplenib shows potential as a best-in-class Syk inhibitor, with a high durable response rate in ITP, and is expected to enter the autoimmune disease market following NDA submission [2].

交银国际研究 公司更新 医药 2024 年 8 月 1 日 收盘价 目标价 潜在涨幅 港元 29.45 港元 40.40↑ +37.2% 和黄医药 (13 HK) 1H24 呋喹替尼海外销售强劲，盈亏平衡路径逐步清晰，上调目标价 1H24 肿瘤/免疫业务超预期，呋喹替尼美国市场快速上量：肿瘤/免疫业务 收入 1.69 亿美元（同比-53%，主因去年同期计入武田合作的一次性首付款 收入），超此前Visible Alpha卖方一致预期。肿瘤产品收入增长59%（+64% @CER）至 1.28 亿美元，主要得益于呋喹替尼美国销售快速放量：1H24 销 售达1.31亿美元，公司计入合作收入约0.43亿美元；其中2Q销售约8,000 万美元，环比 1Q 5,000 万美元显著提升。三款核心品种的中国销售额继续 稳 步 增 长 ： 呋 喹/ 索 凡/ 赛 沃 分 别+8%/+12%/+18% （ +13%/+17% /+22% @CER）至 0.61 亿/0.25 亿/0.26 亿美元。公司维持 2024 全年肿瘤/免疫业务 收入 3-4 亿美元的指引，并根据 1H24 情况和 2H 潜在里程碑收款节奏（欧 洲上市和日本 ...

2 Aug 2024 CMB International Global Markets | Equity Research | Company Update Hutchmed (13 HK) Fruquintinib's overseas sales beat HCM's oncology/immunology product revenue reached US$128mn in 1H24 (+59.6% YoY), including US$43mn revenue recognised from fruquintinib's sales outside China. The consolidated revenue from oncology/immunology including R&D services and Takeda collaboration revenue, reached US$169mn in 1H24, representing 48% of the midpoint of the FY24 guidance range of US$300-400mn. In 2Q24, fru ...

Investment Rating - The report maintains an "outperform" rating for Hutchmed (China) Limited with a target price of HKD 51.33 per share, reflecting a slight increase from the previous target of HKD 51.01 [6][14]. Core Insights - Hutchmed reported total revenue of USD 305.7 million for H1 2024, a decrease of 43% year-on-year, with oncology product revenue driven by overseas sales of fruquintinib reaching USD 42.8 million [3][12]. - The company expects oncology/immunology consolidated revenue for 2024 to remain between USD 300 million and USD 400 million, with potential for growth based on the positive sales trend of fruquintinib and upcoming regulatory milestones [4][13]. - The report highlights significant cost control measures, with R&D expenditure down 34% and SG&A expenses down 15%, contributing to a net profit of USD 25.8 million in H1 2024 [3][12]. Summary by Sections Financial Performance - Total revenue for H1 2024 was USD 305.7 million, with a significant drop of 43% compared to the previous year. The revenue from fruquintinib's overseas sales was USD 42.8 million, contributing to a 59% increase in oncology product revenue [3][12]. - The cost of goods sold (COGS) was USD 180.1 million, down 14%, while R&D expenses were USD 95.3 million, accounting for 74.5% of oncology product revenue [3][12]. Sales and Market Outlook - Fruquintinib's overseas sales are showing strong growth, with Q1 and Q2 2024 sales reported at 78 billion yen and 119 billion yen respectively, indicating a quarter-on-quarter growth of 53% in Q2 [4][13]. - The company is optimistic about achieving breakeven by the end of 2025, driven by continued growth in fruquintinib sales and effective cost management [4][12]. Pipeline and Future Prospects - Hutchmed is expanding its pipeline with savolitinib expected to submit a New Drug Application (NDA) by the end of 2024, which could become the company's second product approved for overseas commercialization [5][13]. - The innovative pipeline includes several promising candidates targeting hematological conditions, with ongoing clinical trials and positive results expected to drive future growth [5][13].

大家早上好欢迎参加和黄医药2024年中期业绩发布会我是和黄医药投资关系部的主管吴嘉俊我们公司的详细的业绩和演示稿PPT已经在昨天晚上上载于我们的官网大家也可以在香港交易所网页上面下载在开始之前先要举个温馨提示 所有听众现在是在静音模式今天的内容我们首先会由管理层做一个业绩的这个讲解之后会有一个答问的环节麻烦大家将你的名字和你公司的名称都填好让我们之后在发问的时候可以正确的读出你的名字最后请大家留意一下我们演示稿PPT的第二页里面有我们的免责声明 本公告所在自本集团表现和经营业织都属于历史的信息过往的表现并不保证本集团之未来业织谢谢大家的留意好那现在我们正式开始首先请我们和黄医药执行董事首席执行官兼首席科学官苏卫国博士开始今天我们中期业绩发布会苏总请 谢谢David各位投资界的朋友大家上午好欢迎大家参加和皇一样2024上半年的半年报发布会那么像David刚才说的我们详细的业绩报告已经在昨天晚上公布那么今天跟我一起参加这个发布会了 我先简单介绍一下江丽成是我们的CFO那么原则志George Yuan商业化部门的负责人那么简单介绍一下George可能意内的朋友对George也非常了解George可以说是总流产品业务 ...

医药生物/化学制药 公 司 研 究 和黄医药（00013.HK） 2024 年 08 月 01 日 呋喹替尼海外销量超预期，公司进入全球收获期 ——公司信息更新报告 投资评级：买入（维持） 余汝意（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 | --- | --- | |--------------------|---------------| | 日期 | 2024/8/1 | | 当前股价(港元) | 29.450 | | 一年最高最低(港元) | 35.900/19.000 | | 总市值(亿港元) | 256.62 | | 流通市值(亿港元) | 256.62 | | 总股本(亿股) | 8.71 | | 流通港股(亿股) | 8.71 | | 近 3 个月换手率(%) | 21.51 | 肿瘤产品收入维持高增长，公司有望 2024 年后实现持续盈利 2024H1 公司实现营收 21.8 亿元，同比下滑 42.64%；扣非归母净利润 1.84 亿元， 同比下滑 84.69%，公司收入和利润同比下滑主要是受武田首付款、里程碑及研 发服务费用影响。公司核心业务肿瘤产品 ...

Investment Rating - Buy (Maintained) [3] Core Views - The company's growth momentum continues with sufficient cash reserves [2] - The company's tumor/immunotherapy business achieved comprehensive revenue of $168.7 million in H1 2024, driven by a 59% increase in tumor product revenue [2] - FRUZAQLA® (fruquintinib) achieved $130.5 million in US sales in H1 2024, demonstrating strong market demand and commercial appeal [2] - The company reiterated its 2024 financial guidance for tumor/immunotherapy business comprehensive revenue of $300-400 million, reflecting confidence in its development [2] - The company has 15 key late-stage registration trials initiated, ongoing, or under review [2] - Cost control efforts have been effective, with net expenses decreasing to $279.9 million in H1 2024 from $364.3 million in the same period last year [2] Financial Performance - Total revenue for H1 2024 was $305.7 million, compared to $532.9 million in H1 2023 [2] - Net income for H1 2024 was $25.8 million, with cash reserves of $802.5 million [2] - Revenue cost decreased by 14% YoY to $180.1 million, and R&D expenses decreased by 34% YoY to $95.3 million [2] - The company forecasts 2024/2025/2026 revenues of $890 million, $1.255 billion, and $1.575 billion, respectively [5] - Net profit attributable to the parent company is projected to be $134 million, $237 million, and $351 million for 2024, 2025, and 2026, respectively [5] Product Development - FRUZAQLA® was approved in the EU and has submitted marketing authorization applications in over a dozen countries and regions [2] - Solpalitinib's new drug application was accepted in January 2024 and included in priority review [2] - The company plans to submit a new drug application for savolitinib for non-small cell lung cancer in the US by the end of the year [2] - Applications for expanding the use of ORPATHYS® and ELUNATE® in China, as well as new drug or new indication applications for TAVALISSE®, have been accepted [2] - The company has added projects targeting Menin and CD38 to its hematology product portfolio [2] Valuation Metrics - The company's P/E ratios for 2024, 2025, and 2026 are projected at 25.53, 14.45, and 9.77, respectively [6] - P/B ratios for the same period are forecasted at 3.97, 3.12, and 2.37 [6] - EV/EBITDA ratios are expected to be 17.51, 11.09, and 7.61 for 2024, 2025, and 2026, respectively [6] Market Performance - The company's 52-week stock price range is HK$35.90 to HK$19.00 [4] - The 52-week P/E range is 38.38 to -131.92, and the P/B range is 5.30 to 2.72 [4] - The stock has gained 28.04% over the past 52 weeks [4]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.08.01 | --- | --- | --- | --- | |----------|-------------------|----------------------------|--------------------------| | | 丁丹(分析师) | 甘坛焕(分析师) | 付子阳(研究助理) | | | 0755-23976735 | 021-38675855 | 0755-23976666 | | | dingdan@gtjas.com | gantanhuan028803@gtjas.com | fuziyang028496@gtjas.com | | 登记编号 | S0880514030001 | S0880523080007 | S0880123100022 | 本报告导读： 24H1 公司肿瘤产品销售亮眼，呋喹替尼美国销售约 1.3 亿美金，看好海外放量。赛 沃替尼有望年底提交美国 NDA，创新管线进入收获期 ...