Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The overseas sales of Furmonertinib exceeded expectations, indicating strong demand. The drug received FDA approval for third-line treatment of colorectal cancer, marking it as the first targeted therapy approved in the U.S. for metastatic colorectal cancer in over a decade. In the first half of 2024, overseas sales reached 130.5 million [1]. - The company is accelerating clinical research, with a second drug expected to submit for overseas registration by the end of the year. The company has multiple new drug applications and indications in progress, showcasing its strong clinical execution capabilities [1]. - The company is expected to have over 15 potential new drug applications and indications in the next three years, reflecting its efficient R&D progress [1]. Financial Summary - Total revenue for 2024 is projected at 621 million, with a year-on-year decrease of 25.9%. The net profit attributable to the parent company is expected to be -802.5 million as of June 30, 2024 [1]. - The estimated valuation for the company is HKD 35 billion, with a target price of HKD 40.15 per share [1][3].
和黄医药：2024年中报点评：呋喹替尼海外销售超预期，下一波创新研发取得新突破