医药生物/化学制药 公 司 和黄医药（00013.HK） 深度聚焦肿瘤小分子赛道，进入全球市场收获期 研 究 2024年06月13日 ——港股公司首次覆盖报告 投资评级：买入（首次） 余汝意（分析师） 日期 2024/6/12 yuruyi@kysec.cn 当前股价(港元) 28.400 证 书编号：S0790523070002 一年最高最低(港元) 35.900/17.440  公司深度聚焦肿瘤小分子赛道，国际大药企助力开拓全球市场 总市值(亿港元) 247.44 流通市值(亿港元) 247.44 和黄医药是中国最早一批布局全球市场的新药研发企业之一，已实现在中、 港 总股本(亿股) 8.71 美、欧“三地”上市。公司共有三款上市产品，包括呋喹替尼、赛沃替尼和索凡 股 流通港股(亿股) 8.71 替尼，并已全部被纳入国家医保药品目录。为了更好地快速布局全球市场，公 公 近3个月换手率(%) 24.77 司 股价走势图 司先后与阿斯利康、礼来及武田制药等国际大药企建立战略合作关系。其中呋 首 次 喹替尼已经于 2023年在美国获批上市，并由武田制药负责海外市场的商业化销 和黄医药 恒生指数 覆 售。未来几 ...

Investment Rating - The report upgrades the investment rating of Hutchison China MediTech (HCM) to "Buy" with a target price of HKD 55.78 [3][6] Core Views - HCM is an early-stage innovative pharmaceutical company with a differentiated portfolio and global collaborations, including partnerships with Eli Lilly, AstraZeneca, and Takeda [2] - The company has three commercialized products (Fruquintinib, Surufatinib, and Savolitinib) and a fourth candidate drug, Tazemetostat, approved in Hainan and Macau [2] - Fruquintinib, a $1 billion potential blockbuster, has been approved in China and the US, with expected approvals in Europe and Japan by 2024 [2] - Surufatinib has strong growth potential due to its dual anti-angiogenic and immunomodulatory activities, with collaborations for combination therapies [2] - Savolitinib, a first-in-class MET inhibitor, is expected to expand into first-line use and address unmet needs in MET-positive NSCLC patients [2] Financial Projections - Revenue is projected to grow from $890 million in 2024 to $1.575 billion in 2026, with a CAGR of 25% [6] - Net profit attributable to shareholders is expected to increase from $134 million in 2024 to $351 million in 2026, with a CAGR of 48% [6] - EPS is forecasted to grow from $0.15 in 2024 to $0.40 in 2026, with a P/E ratio declining from 25x to 10x [6] Product Pipeline and Market Potential - Fruquintinib maintains a leading position in the third-line colorectal cancer market and is expected to expand into second-line gastric cancer, endometrial cancer, and renal cell carcinoma [2][26] - Surufatinib is being developed for over 10 tumor types, including neuroendocrine tumors and pancreatic ductal adenocarcinoma, with a global NET market projected to grow to $21.5 billion by 2030 [48] - Savolitinib is being studied for MET-driven cancers, including NSCLC, gastric cancer, and renal cell carcinoma, with potential to address unmet needs in MET-positive patients [2][48] Collaborations and Commercialization - HCM has global collaborations with Eli Lilly for Fruquintinib in China and Takeda for international markets, with potential milestone payments and royalties [26][38] - The company successfully renewed the national medical insurance listing for Fruquintinib and Surufatinib without further price reductions, driving strong sales growth in 2023 [2][24] - Fruquintinib (FRUZAQLA) was launched in the US in November 2023, with sales reaching $15.1 million by year-end [40]

大家好欢迎参加国新医药团队荷黄医药深度报告小分子创新药为核心商业化和出海持续兑现电话会议目前此次参会者均处于静音状态下面开始布报声明本次会议为国新政权白名单会议紧面向国新政权 本次会议 政府机构和个人不得以任何形式转发转载复制发布或引用会议全部或部分内容亦不得从未经国信证券书面授权的任何机构个人或其运营的媒体平台转发转载复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国信证券保留追究相关方法律责任的权利 好各位投资者大家晚上好欢迎参加欢迎大家参加我们荷华医药深度报告也是我们首次覆盖报告的线上解读电话会议那么我是国新医药团队的研究员陈希比那么今天是由我来为各位投资者来解读一下我们的这一篇深度报告我们是在上星期外发的这篇深度报告我们也是看好荷华医药并且是作为我们近期的一个重点推荐的这样一支标点那么 可能接下来的时间我就由我来分享一下我们对核光医药推荐的一个主要逻辑以及去比较详细的去讲解一下它的几个重点的产品重点的管线的一些适应症临床包括临床数据然后睡场空间的这一系列的这样的一个情况那么首先核光医药它是一家已经是处于商业化阶段的这样一家创新药公司 他的核心产品包括福奎蒂尼、塞沃蒂尼、索团蒂尼等等都已经 ...

大家好欢迎参加国信医药团队荷黄医药深度报告小分子创新药为核心商业化和出海持续兑现电话会议目前所有参会者均处于静音状态下面开始布报声明本次会议为国信证券白名单会议 本次会议禁止录音录像 机构和个人不得以任何形式转发转载复制发布或引用会议全部或部分内容亦不得从未经国信证券书面授权的任何机构个人或其运营的媒体平台转发转载复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国信证券保留追究相关方法律责任的权利 好各位投资者大家晚上好欢迎大家参加我们荷花医药深度报告也是我们首次覆盖报告的线上解读电话会议那么我是国新医药团队的研究员陈希比那么今天是由我来为各位投资者来解读一下我们的这一篇深度报告我们是在上星期外发的这篇深度报告我们也是看好荷花医药并且是作为我们近期的一个重点推荐的这样一支标点那么 可能接下来的时间我就由我来分享一下我们对荷官医药推荐的一个主要逻辑以及去比较详细的去讲解一下它的几个重点的产品重点的管线的一些适应症临床包括临床数据然后市场空间的这一系列的这样的一个情况那么首先荷官医药它是一家已经是处于商业化阶段的这样一家创新药公司 他的核心产品包括福奎蒂尼塞沃蒂尼索盘蒂尼等等都已经是在中国货币上市了 ...

Summary of Conference Call Company and Industry - The conference call involves Guoxin Pharmaceutical and Huang Pharmaceutical, focusing on the small molecule innovative drugs sector and their commercialization and international expansion efforts [1] Core Points and Arguments - The call emphasizes the ongoing commitment to the commercialization of small molecule innovative drugs, highlighting the strategic importance of this segment for the companies involved [1] - There is a focus on the international expansion strategies being implemented, indicating a proactive approach to entering new markets and increasing global presence [1] Other Important Content - The call begins with a formal welcome and a statement that all participants are muted, indicating a structured approach to the meeting [1]

证券研究报告 | 2024年05月24日 和 黄 医 药 （ 0 0 0 1 3 . H K ） 小 分 子 创 新 药 为 核 心 ， 商 业 化 和 出 海 持 续 兑 现 公司研究 · 深度报告 医药生物 · 生物制药 ...

[Table_Page]跟 踪研究|制药、生物科技与生命科学 证券研究报告 [【Table_T广itle] 发 医 药 & 海 外 】 和 黄 医 药 [公Tab司le_I评nves级t] 买入 当前价格 34.45港元 （00013.HK） 合理价值 40.73港元 前次评级 买入 ESLIM-01 研究结果发布，持久应答率亮眼 报告日期 2024-05-16 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 事件：和黄医药于2024年EHA大会上发布了索乐匹尼布治疗原发性 60% 42% 血小板减少症（ITP）的III期临床（ESLIM-01）数据。根据和黄医药 24% 发布的摘要（S316）信息，该研究为一项随机、双盲、安慰剂对照的 6% III期临床研究，研究地点为中国，注册号为NCT05029635。 -12%05/23 07/23 09/23 11/23 01/24 03/24 05/24 -30% ⚫ 持续应答率表现亮眼，安全性有效性俱佳。根据摘要信息显示，该研究 和黄医药 恒生指数 共入组188名患者，按照2：1的比例随机分配至索乐匹尼布和 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The sales of the drug "Yingkuaitini" exceeded expectations, with approximately $67 million in sales in the U.S. as of March 31, 2024, and an expected annual growth rate of over 100% for the fiscal year 2024 [1][2]. - The company is optimistic about the overseas market expansion of "Yingkuaitini" as approvals in Europe and Japan are anticipated [1]. - The drug "Saiwo" is expected to submit its NDA in the U.S. by the end of 2024, marking a significant milestone for the company's innovative pipeline [2]. Financial Summary - The company reported revenues of $426 million in 2022, which increased to $838 million in 2023, with a projected revenue of $704 million for 2024, reflecting a 16% decrease [7]. - Gross profit rose from $115 million in 2022 to $454 million in 2023, with a forecasted gross profit of $377 million for 2024 [7]. - The net profit improved from a loss of $361 million in 2022 to a profit of $101 million in 2023, with an expected loss of $30 million in 2024 [7].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Views - The report highlights that the sales of Fruzaqla (fruquintinib) in the U.S. exceeded expectations, with sales reaching approximately 65 million USD by March 31, 2024, following its approval in November 2023 [4][7] - The company has a strong pipeline with multiple upcoming approvals and significant unmet medical needs in the oncology sector, particularly for colorectal cancer [4][8] - The report projects revenue growth for the company, with expected sales of 709 million, 912 million, and 1.131 billion USD for the years 2024 to 2026, respectively [5][10] Summary by Sections Company Events - Takeda Pharmaceuticals reported that Fruzaqla's sales in the U.S. reached 101 billion JPY (approximately 65 million USD) by March 31, 2024, with a strong sales performance in Q1 2024 [4] - The company entered into a licensing agreement with Takeda for Fruzaqla's overseas rights, with potential payments totaling up to 1.13 billion USD [4] Market Performance - The report notes that colorectal cancer is a significant global health issue, with over 935,000 deaths in 2020, indicating a large market opportunity for Fruzaqla [4][8] - The company is expanding its indications in China, with multiple applications for new indications under review [4][9] Financial Projections - The report revises the sales expectations for Fruzaqla, forecasting revenues of 709 million, 912 million, and 1.131 billion USD for 2024, 2025, and 2026, respectively, with growth rates of -15%, 29%, and 24% [5][10] - The company is expected to achieve a gross margin of approximately 54% in the coming years [10]

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[和I Tnaf 黄bol]e 医_Ti药tle]（ 0013） [评Tab级le_：Inv est] 增持 当前价格（港元）： 31.00 呋喹替尼欧日获批在即，海外放量可期 2024.04.29 海 ——公司跟踪点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 甘坛焕(分析师) 52周内股价区间（港元） 17.68-32.45 当前股本（百万股） 871 公 0755-23976735 021-38675855 当前市值（百万港元） 27,009 司 dingdan@gtjas.com gantanhuan028803@gtjas.com 证书编号 S0880514030001 S0880523080007 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 呋喹替尼美国销售趋势向好，欧日两国有望年内获批，看好呋喹替尼海外放量。赛沃 国 和黄医药 恒生指数 香 替尼有望年底提交美国 NDA，创新管线陆续进入收获期，维持“增持”评级。 34% 摘要： 港 21% [T abl ...