HANSOH PHARMA(03692) 华创证券·2024-09-29 18:07Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 25.44 [1] Core Insights - The company achieved total revenue of HKD 6.506 billion, representing a year-on-year increase of 44.2%, and a net profit of HKD 2.726 billion, up 111.5% [1] - The sales revenue from innovative drugs and collaborative products reached HKD 5.032 billion, marking an 80.6% increase and accounting for 77.4% of total revenue, a new high [1] - The company has made significant progress in R&D, with several leading products in its pipeline, including approvals and ongoing clinical trials for various indications [1] - The ADC products in the pipeline show international potential, with breakthrough therapy designation from the FDA for one of the ADCs [1] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are HKD 12.155 billion, HKD 12.439 billion, and HKD 14.470 billion, respectively, with year-on-year growth rates of 20.3%, 2.3%, and 16.3% [2] - The projected net profit for the same years is HKD 4.259 billion, HKD 3.945 billion, and HKD 4.669 billion, with growth rates of 29.95%, -7.39%, and 18.37% [2] - The company’s earnings per share (EPS) are expected to be HKD 0.55, HKD 0.72, HKD 0.66, and HKD 0.79 for the years 2024 to 2026 [2] Company Overview - The total market capitalization of the company is HKD 128.507 billion, with a total share capital of 593,565.01 million shares [4] - The company has a low debt ratio of 11.90% and a net asset value per share of HKD 4.70 [4]