和黄医药（00013）：2024年年报点评：全球商业化进展顺利，提前实现盈利目标

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of $630.2 million in 2024, with a significant contribution from oncology products, which generated$272 million, reflecting a 65% year-on-year growth [9] - The company has successfully reached financial self-sufficiency ahead of schedule, with a cash balance of $832 million at the end of the previous year [9] - The report highlights the rapid market penetration of the drug Fuzuloparib, with sales of$405 million in 2024, and the ongoing clinical progress of the drug Savolitinib [9] - The company is expanding its product pipeline into autoimmune and hematological malignancies, with new drug applications expected soon [9] Financial Forecast and Investment Recommendations - The revenue forecasts for 2025 and 2026 have been adjusted to $730.03 million and$840.85 million, respectively, down from previous estimates of $844 million and$1 billion [3] - The target price for the company is set at HKD 37.99, based on a price-to-sales ratio of 5.83 for 2025 [3] - The financial projections indicate a significant increase in net profit for 2025, estimated at $468.43 million, representing a year-on-year growth of 1141.58% [5]