和黄医药：中报整体业绩符合预期，呋喹替尼海外销售超预期

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6] Core Insights - The company's mid-year performance for 2024 met expectations, with significant growth in product sales and a strong cash position, indicating potential profitability by 2025 [3][5] - The core product, Furmonertinib, has exceeded sales expectations in overseas markets, contributing to a robust revenue outlook for the year [3][5] - The company has a rich pipeline of innovative products, with several key catalysts expected to drive future growth [3][5] Summary by Relevant Sections Company Events - On July 31, the company released its mid-year performance report for 2024, showing continued growth in product sales and a strong cash balance [3] Mid-Year Performance Insights - For the first half of 2024, total revenue reached $30.57 million, with a net profit of$2.58 million [5] - The oncology immunotherapy business generated $16.87 million in revenue, with a full-year guidance of$30-40 million [5] - Furmonertinib's sales in the U.S. for the first half of 2024 were $13 million, with expectations of over 100$654 million, $871 million, and$1.121 billion for 2024, 2025, and 2026, respectively [5] - A discounted cash flow (DCF) analysis suggests a fair equity value of HKD 41.2 billion, based on a perpetual growth rate of 2% and a WACC of 8.94% [5]