Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.12, indicating a potential upside of 73% from the current price of HKD 2.95 [18][40][41]. Core Insights - The company experienced a temporary decline in performance due to adverse market conditions influenced by tightened regulatory policies in the healthcare sector, leading to a 9.8% decrease in revenue to HKD 812 million for the first half of 2024 [3][14]. - The company is advancing the research and development of Bevacizumab (HLX04-O), which is currently undergoing Phase III clinical trials in multiple regions including the US, EU, China, and Australia, with a new drug application expected to be submitted in 2025 [25][42]. - The potential market for Bevacizumab is significant, particularly for conditions like wet AMD and diabetic macular edema, with an estimated 15.8 million patients in China [25][42]. Financial Summary - The company reported a net profit of HKD 157 million for the first half of 2024, a decrease of 7.3% year-on-year [3][14]. - Revenue projections for 2024-2026 are estimated at HKD 16.82 billion, HKD 18.23 billion, and HKD 19.82 billion respectively, with corresponding EPS of HKD 0.47, HKD 0.50, and HKD 0.54 [12][18]. - The company’s total assets are valued at HKD 2.54 billion, with total liabilities of HKD 1.13 billion, indicating a solid financial position [8][20].
亿胜生物科技：贝伐珠单抗研发推进加快，市场前景广阔