HANSOH PHARMA(03692) 中泰国际证券·2024-08-29 08:44Investment Rating - The report upgrades the investment rating for the company from "Hold" to "Buy" [3][4]. Core Views - The company reported a strong performance in the first half of 2024, with revenue exceeding expectations, driven primarily by the oncology drug segment, which saw a revenue increase of 75.1% year-on-year [2]. - The forecast for revenue and net profit for 2024-2026 has been adjusted upwards due to the strong performance in the oncology segment, with expected revenue growth from 61.6 billion RMB in 2023 to 90.8 billion RMB in 2026, representing a CAGR of 13.8% [2][3]. Summary by Sections Financial Performance - The company's revenue for the first half of 2024 increased by 44.2% to approximately 6.506 billion RMB, with the core pharmaceutical sales rising by 13.8% to 5.1 billion RMB after excluding project prepayments [2]. - The net profit attributable to shareholders surged by 111.5% to 2.73 billion RMB, driven by a 3.0 percentage point increase in gross margin and a 3.5 percentage point decrease in the sales expense ratio [2]. Earnings Forecast - The revenue forecast for 2024 has been raised by 2.2%, while the forecasts for 2025 and 2026 have been slightly lowered by 4.1% and 0.1%, respectively [2]. - The net profit forecasts for 2024, 2025, and 2026 have been increased by 5.5%, 0.1%, and 4.6%, respectively, reflecting the strong growth in the oncology drug segment [2]. Target Price - The target price has been raised to 23.40 HKD, reflecting the upward adjustments in profit forecasts [3][5].