Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 35.82 HKD compared to the current price of 22.55 HKD [4][7]. Core Insights - The company achieved total revenue of 630 million USD in 2024, a decrease of 24% year-on-year, with oncology product revenue increasing by 67% to 271.5 million USD [2][4]. - The overseas sales of Furuzakl® have significantly increased, with a 1450% rise in revenue to 110.8 million USD, while sales in China grew by 6% to 86.3 million USD [7]. - The company has successfully expanded its commercial products into new regions and indications, with multiple approvals for Furuzakl® in various countries [7]. - The ATTC platform is set to enter clinical trials in the second half of 2025, showcasing promising early data [7]. - The company expects revenue growth in the coming years, with projected revenues of 655 million USD in 2025, 821 million USD in 2026, and 934 million USD in 2027, reflecting growth rates of 4.0%, 25.2%, and 13.8% respectively [7]. Financial Summary - The company reported a net profit of 37.7 million USD for 2024, with a cash balance of 836.1 million USD as of December 31, 2024 [2]. - The projected earnings per share (EPS) for 2025 is 0.34 CNY, with a price-to-earnings (P/E) ratio of 8.5 [4]. - The company’s total assets are expected to grow from 1.27 billion USD in 2024 to 2.06 billion USD by 2027 [8].
和黄医药（00013）：2024年报点评：呋喹替尼海外销售持续放量，ATTC平台首个分子即将进入临床