HANSOH PHARMA(03692) 中泰国际证券·2025-03-26 03:27Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 25.00 [6][8][17] Core Insights - The company's revenue for 2024 is expected to increase by 21.3% to RMB 12.26 billion, with a net profit growth of 33.4%, exceeding expectations [1][6] - The oncology drug segment is projected to contribute 61.2% of the total product sales revenue in 2024, driven by strong performance from the core product Amelot, which is expected to see sales growth of 19.9% [2] - The company has established a partnership with Merck for the development and commercialization of a GLP-1 receptor agonist, which is expected to enhance its capabilities in the metabolic field [4] - The company is currently developing 40 innovative drugs, with several in late-stage clinical trials, indicating a promising pipeline for future growth [5] Financial Summary - The company's revenue is projected to grow from RMB 10.10 billion in 2023 to RMB 12.26 billion in 2024, with a compound annual growth rate (CAGR) of 21.3% [7][14] - Shareholder net profit is expected to rise from RMB 3.28 billion in 2023 to RMB 4.37 billion in 2024, reflecting a growth rate of 33.4% [7][14] - The gross margin is anticipated to improve by 1.2 percentage points, while sales and administrative expenses as a percentage of product sales revenue are expected to decrease [1][7] Product and Market Developments - The oncology drug business is expected to grow from approximately RMB 6.55 billion in 2024 to RMB 10.97 billion by 2027, with a CAGR of 18.8% [2] - The anti-infection drug revenue is projected to increase by 15.0% to RMB 1.46 billion in 2024, primarily driven by the strong sales of the hepatitis drug Hengmu [3] - The company has received multiple recommendations for its products in clinical guidelines, which is expected to support future sales growth [3]