Ge Long Hui·2025-09-10 07:14Core Viewpoint - Morgan Stanley has upgraded the ratings of Fosun Pharma's A-shares and H-shares to "Overweight," with target prices set at 42 CNY for A-shares and 33 HKD for H-shares [1] Group 1: Company Valuation - Morgan Stanley values Fosun Pharma's subsidiary, Fuhong Hanlin, at 720 billion CNY, while its current market capitalization is approximately 440 billion CNY [1] - This valuation translates to a share price of 143-145 HKD, with 73% of the valuation derived from the global potential of core candidate drugs: HLX43 (PD-L1 ADC), HLX22 (HER2 mAb), and serplulimab (PD-1) [1] Group 2: Product Portfolio and Market Potential - Fosun Pharma holds a 63.4% stake in Fuhong Hanlin, which has established a diversified product portfolio consisting of antibodies and antibody-drug conjugates (ADCs) [1] - Fuhong Hanlin's revenue primarily comes from biosimilars and PD-1, but this year's rebound is mainly attributed to its innovative product line, which has shown promising data in clinical trials [1] - The outlook for external licensing and the value in international markets is viewed positively [1]