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和黄医药：2024年中报点评：增长势头持续，研发成果渐现
00013HUTCHMED(00013) 东方财富·2024-08-01 10:08

Investment Rating - Buy (Maintained) [3] Core Views - The company's growth momentum continues with sufficient cash reserves [2] - The company's tumor/immunotherapy business achieved comprehensive revenue of 168.7millioninH12024,drivenbya59168.7 million in H1 2024, driven by a 59% increase in tumor product revenue [2] - FRUZAQLA® (fruquintinib) achieved 130.5 million in US sales in H1 2024, demonstrating strong market demand and commercial appeal [2] - The company reiterated its 2024 financial guidance for tumor/immunotherapy business comprehensive revenue of 300−400million,reflectingconfidenceinitsdevelopment[2]−Thecompanyhas15keylate−stageregistrationtrialsinitiated,ongoing,orunderreview[2]−Costcontroleffortshavebeeneffective,withnetexpensesdecreasingto300-400 million, reflecting confidence in its development [2] - The company has 15 key late-stage registration trials initiated, ongoing, or under review [2] - Cost control efforts have been effective, with net expenses decreasing to 279.9 million in H1 2024 from 364.3millioninthesameperiodlastyear[2]FinancialPerformance−TotalrevenueforH12024was364.3 million in the same period last year [2] Financial Performance - Total revenue for H1 2024 was 305.7 million, compared to 532.9millioninH12023[2]−NetincomeforH12024was532.9 million in H1 2023 [2] - Net income for H1 2024 was 25.8 million, with cash reserves of 802.5million[2]−Revenuecostdecreasedby14802.5 million [2] - Revenue cost decreased by 14% YoY to 180.1 million, and R&D expenses decreased by 34% YoY to 95.3million[2]−Thecompanyforecasts2024/2025/2026revenuesof95.3 million [2] - The company forecasts 2024/2025/2026 revenues of 890 million, 1.255billion,and1.255 billion, and 1.575 billion, respectively [5] - Net profit attributable to the parent company is projected to be 134million,134 million, 237 million, and 351millionfor2024,2025,and2026,respectively[5]ProductDevelopment−FRUZAQLA®wasapprovedintheEUandhassubmittedmarketingauthorizationapplicationsinoveradozencountriesandregions[2]−Solpalitinib′snewdrugapplicationwasacceptedinJanuary2024andincludedinpriorityreview[2]−Thecompanyplanstosubmitanewdrugapplicationforsavolitinibfornon−smallcelllungcancerintheUSbytheendoftheyear[2]−ApplicationsforexpandingtheuseofORPATHYS®andELUNATE®inChina,aswellasnewdrugornewindicationapplicationsforTAVALISSE®,havebeenaccepted[2]−ThecompanyhasaddedprojectstargetingMeninandCD38toitshematologyproductportfolio[2]ValuationMetrics−Thecompany′sP/Eratiosfor2024,2025,and2026areprojectedat25.53,14.45,and9.77,respectively[6]−P/Bratiosforthesameperiodareforecastedat3.97,3.12,and2.37[6]−EV/EBITDAratiosareexpectedtobe17.51,11.09,and7.61for2024,2025,and2026,respectively[6]MarketPerformance−Thecompany′s52−weekstockpricerangeisHK351 million for 2024, 2025, and 2026, respectively [5] Product Development - FRUZAQLA® was approved in the EU and has submitted marketing authorization applications in over a dozen countries and regions [2] - Solpalitinib's new drug application was accepted in January 2024 and included in priority review [2] - The company plans to submit a new drug application for savolitinib for non-small cell lung cancer in the US by the end of the year [2] - Applications for expanding the use of ORPATHYS® and ELUNATE® in China, as well as new drug or new indication applications for TAVALISSE®, have been accepted [2] - The company has added projects targeting Menin and CD38 to its hematology product portfolio [2] Valuation Metrics - The company's P/E ratios for 2024, 2025, and 2026 are projected at 25.53, 14.45, and 9.77, respectively [6] - P/B ratios for the same period are forecasted at 3.97, 3.12, and 2.37 [6] - EV/EBITDA ratios are expected to be 17.51, 11.09, and 7.61 for 2024, 2025, and 2026, respectively [6] Market Performance - The company's 52-week stock price range is HK35.90 to HK$19.00 [4] - The 52-week P/E range is 38.38 to -131.92, and the P/B range is 5.30 to 2.72 [4] - The stock has gained 28.04% over the past 52 weeks [4]