Core Viewpoint - 招银国际 has downgraded the target price for 和黄医药 from HKD 34.03 to HKD 31.39, a decrease of 8%, while maintaining a "Buy" rating due to underperformance in the first half of 2025 and a lowered full-year guidance [1] Financial Performance - 和黄医药's revenue from oncology business in the first half of 2025 was USD 144 million, a year-on-year decline of 15%, achieving only 36% of the previously forecasted annual revenue [1] - The company has revised its full-year oncology revenue guidance from USD 350-450 million to USD 270-350 million [1] Market Challenges - The underperformance is attributed to a decline in revenue from key products in the mainland market [1] - Despite challenges, management remains optimistic about the second half of 2025, citing the launch of furmonertinib for endometrial cancer and the approval of savolitinib for second-line treatment in MET+ EGFR mutation NSCLC [1] Sales Outlook - Management indicated that sales have bottomed out in the first quarter and are expected to rebound starting in the second quarter [1] - The recent quarterly overseas sales of furmonertinib have remained stable, but there is ongoing intense competition for key products in the mainland market, leading to a conservative outlook on the revised guidance [1]
招银国际：降和黄医药(00013)目标价至31.39港元 维持“买入”评级