Investment Rating - The report maintains a "Buy" rating for the Hong Kong stock and a "Hold" rating for the A-share, with target prices set at HKD 11.7 and CNY 19.6 respectively [7][9][10]. Core Insights - The company's 1Q25 performance slightly exceeded expectations, with total revenue reaching CNY 381 million, representing a year-on-year increase of 129.9% and a quarter-on-quarter increase of 22.3% [7][10]. - The revenue from the drug Oubatinib was CNY 311 million, up 89.2% year-on-year and 1.2% quarter-on-quarter, leading to an upward revision of the annual revenue growth guidance for Oubatinib from 30% to 35% [7][10]. - The report highlights the strong sales growth of Oubatinib, driven by the increasing market share in the r/r CLL/SLL segment and the expansion of indications [7][10]. Financial Performance Summary - 1Q25 net profit attributable to shareholders was CNY 17.97 million, which is an improvement compared to previous losses, attributed to better-than-expected revenue and lower sales and administrative expenses [7][10]. - The gross margin for product sales improved to 88.4%, up from 85.3% in 1Q24 and 87% in 4Q24, indicating enhanced operational efficiency [7][10]. - The report projects significant revenue growth for the coming years, with expected revenues of CNY 1.45 billion in 2025, reflecting a 43.9% year-on-year increase [9][10]. Research and Development Progress - The company is advancing two TYK2 inhibitors, with ongoing clinical trials for ICP-332 and ICP-448, expected to yield important data in the coming years [7][10]. - Key upcoming catalysts include new indication approvals and significant data readouts for Oubatinib and other products [7][10]. Market Position and Valuation - The current market capitalization is approximately HKD 20.066 billion, with a recent average trading volume of HKD 121 million over the past three months [2][4]. - The stock has a 52-week price range of HKD 4.2 to HKD 11.0, indicating potential for growth based on the target price [2][4].
诺诚健华（09969）：1Q25业绩略好于预期，全年奥布替尼收入指引上调5%