翰森制药：首付款1.12亿美元授予默沙东临床前口服GLP-1

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has successfully completed several significant license-out transactions in the oral small molecule GLP-1 space, including a deal with Merck that involves an upfront payment of $112 million and potential milestone payments totaling up to$1.9 billion [3][14] - The company's innovative pipeline is robust, and its global expansion is progressing smoothly, leading to a maintained "Buy" rating [4] Financial Forecasts - The company is expected to achieve total revenues of RMB 119.07 billion, RMB 133.28 billion, and RMB 148.36 billion for the years 2024, 2025, and 2026 respectively [4][5] - Net profits are projected to be RMB 40.10 billion, RMB 41.80 billion, and RMB 43.17 billion for the same years, with corresponding P/E ratios of 25, 24, and 23 times [4] - The company reported a significant increase in innovative drug sales, with a revenue of RMB 50.32 billion in the first half of 2024, representing a year-on-year growth of 80.6% [15] Market Performance - The closing price of the company's stock is HKD 17.80, with a one-year high of HKD 22.80 and a low of HKD 11.18 [2] - The total market capitalization is approximately HKD 105.65 billion [2]