2024年半年报点评：和黄医药业绩符合预期，海外逻辑逐步兑现

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's total revenue for H1 2024 was $310 million, aligning with expectations, with oncology business revenue of$169 million and other business revenue of $137 million. Key product sales included$131 million from furmonertinib overseas (up 52% quarter-on-quarter) and $61 million domestically (up 13$300-400 million, representing a year-on-year increase of 30-50% [3] - Research and development expenses for H1 2024 were $95 million (down 34$58 million (down 15% year-on-year). The company has approximately $800 million in cash and equivalents, indicating strong cash flow [3] Revenue and Profit Forecast - The report forecasts total revenue of$665 million for 2024, $808 million for 2025, and$969 million for 2026, with expectations of profitability in 2025 [4][8] - The company is expected to achieve a net profit of $48.83 million in 2025 and$178.71 million in 2026, with significant growth rates projected for net profit [2][4] Product Development and Market Potential - Furmonertinib continues to gain traction overseas, with potential new indications expected to be approved domestically. It is the first and only small molecule targeted therapy approved in the U.S. for third-line mCRC and is included in the NCCN guidelines [3] - The company anticipates filing for the U.S. market approval of savolitinib, addressing clinical needs for EGFR TKI-resistant NSCLC, with ongoing clinical trials in seven global locations [3] - The potential best-in-class Syk inhibitor, solunatib, is set to begin overseas clinical trials, with a significant patient population expected in China by 2027 [3]