翰森制药：GLP-1/GIP授权再生元，BD拓新章-20250604

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has entered into a global exclusive licensing agreement with Regeneron for HS-20094, receiving an upfront payment of $80 million and potential milestone payments of up to $1.93 billion, along with a future sales revenue share [1][2] - The company is focused on innovation and business development (BD) to drive stable growth, with a strong pipeline of over 40 new molecular entities in development [3][4] - The expected sales for HS-20094 and other key products are projected to significantly contribute to the company's revenue growth in the coming years [5] Summary by Sections Licensing and Collaboration - The company has secured a licensing deal for HS-20094, which is expected to enhance its product portfolio and revenue potential [1][2] Product Pipeline and Clinical Trials - HS-20094 has shown promising results in clinical trials, with significant reductions in HbA1c and weight observed [2] - The company is advancing multiple products through various stages of clinical trials, including HS-20093 and HS-20089, which are expected to enter critical phases soon [4] Financial Projections - The company forecasts net profits of RMB 47.18 billion, RMB 42.03 billion, and RMB 47.43 billion for 2025-2027, with corresponding EPS of RMB 0.79, RMB 0.71, and RMB 0.80 [5][7] - The target price for the company's stock is set at HKD 28.95, reflecting an increase from the previous target of HKD 23.82 [5][9]