翰森制药：ADC授权增益利润，代谢、自免多管线蓄力中

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3]. Core Insights - The company reported strong mid-year results for 1H24, with revenue, net profit attributable to shareholders, and adjusted net profit reaching 6.506 billion, 2.726 billion, and 2.684 billion RMB respectively, representing year-on-year growth of 44.17%, 111.47%, and 118.39% [1]. - Innovative drug sales accounted for nearly 80% of total revenue, with significant contributions from the ADC (antibody-drug conjugate) segment, leading to a doubling of net profit [1]. - The company has made substantial progress in expanding its product pipeline, particularly with its core product Amelot, which is the first domestic third-generation EGFR-TKI [2]. Summary by Sections Performance Review - In 1H24, the company achieved a revenue of 6.506 billion RMB, a 44.2% increase year-on-year, with innovative drugs and collaborative product sales reaching 5.032 billion RMB, up 80.6% [1]. - The ADC breakthrough includes collaborations with GSK, resulting in upfront payments of 85 million and 185 million USD for two products [1]. - Seven innovative drugs and nine indications have been included in the national medical insurance catalog [1]. Product Development - The core product Amelot has received approval for new indications, enhancing its market potential [2]. - The company is focusing on core areas such as oncology, metabolism, and autoimmune diseases, with a rich pipeline of products [2]. - The self-developed GLP-1/GIP dual agonist has shown promising safety and efficacy data presented at the 2024 ADA annual meeting [2]. Financial Forecast and Valuation - The revenue forecast for 2024 and 2025 has been adjusted downwards by 2.61% and 13.03% to 11.6 billion and 11.9 billion RMB respectively, while the net profit forecast for 2024 has been increased by 22% to 4 billion RMB [3]. - The expected revenue for 2026 is projected to be 13.7 billion RMB, with net profit anticipated at 3.9 billion RMB [3]. - Key financial metrics include a projected P/E ratio of 26.99 for 2024 and a P/B ratio of 3.64 [5].