Zhi Tong Cai Jing·2025-08-20 03:19Core Viewpoint - The report from CMB International maintains a "Buy" rating for Hansoh Pharmaceutical (03692), highlighting its leadership in innovative drugs and international expansion, with a target price increase from HKD 33 to HKD 48, reflecting a projected dynamic P/E ratio of 2.2 times for next year [1] Group 1: Company Performance - Hansoh Pharmaceutical achieved strong double-digit sales growth in the first half of the year, particularly in its ADC and GLP-1 product lines, which continue to generate significant collaboration revenue [1] - The company has raised its full-year revenue guidance to a high double-digit percentage, previously set at a double-digit increase, with specific sales targets of RMB 6 billion for Amelot and RMB 10 billion for overall innovative drugs [1] Group 2: Future Outlook - CMB International expects Amelot's annual sales to have a growth potential of RMB 3 billion to RMB 4 billion, and is optimistic about the contribution of international performance following the normalization of business development activities [1] - The company plans to increase its R&D investment in the second half of the year, with an anticipated growth in R&D expenses of over 38%, leading to an overall increase of more than 30% for the year [1]