小摩：首次覆盖翰森制药(03692)予“增持”评级 目标价43港元

Core Viewpoint - Morgan Stanley initiates coverage of Hansoh Pharmaceutical (03692) with an "Overweight" rating and a target price of HKD 43, highlighting its transformation into an innovation-driven leader in the biopharmaceutical sector [1] Group 1: Company Performance - Hansoh's sales contribution from innovative products surged from 18% in 2020 to 77% in 2024, with a compound annual growth rate (CAGR) of 57% [1] - The company is recognized as one of the most advantageous biopharmaceutical firms in China, poised to benefit from the trend of licensing collaborations [1] Group 2: Supporting Factors - Key supporting factors for Hansoh include a strong commitment to research and development, backed by a robust commercial product portfolio [1] - The company has a diversified product line covering oncology, immunology, cardiovascular metabolism, and neurology [1] - Successful collaborations with multinational companies enhance Hansoh's market position [1] Group 3: Future Projections - Morgan Stanley anticipates that Hansoh's innovative drug sales and licensing revenue will drive a CAGR of 12% in revenue and 15% in net profit by 2030 [1]