Investment Rating - The report initiates coverage with a "Buy" rating for the company [8][10]. Core Views - The company has a strong product pipeline with potential first-in-class (FIC) candidates, including HLX43 (PD-L1 ADC) and HLX22 (HER2 monoclonal antibody) [4][5][34]. - The company is expected to achieve significant revenue growth, with projected revenues of CNY 59.6 billion, CNY 63.6 billion, and CNY 70.2 billion from 2025 to 2027 [8][16]. - The target price is set at HKD 71.0, indicating a potential upside of 40% [8][14]. Summary by Sections Product Pipeline - The company has six products approved in China, including Hanshu (HLX10), four biosimilars, and one in-licensed product [4][25]. - HLX43 is the first PD-L1 ADC to enter Phase II clinical trials globally, with promising efficacy and safety data reported at the ASCO 2025 conference [4][39]. - HLX22 is expected to change the first-line treatment standard for HER2-positive gastric cancer, with ongoing Phase III trials [5]. Financial Projections - Revenue projections for 2025-2027 are CNY 59.6 billion, CNY 63.6 billion, and CNY 70.2 billion, with biosimilar sales contributing CNY 51.7 billion, CNY 55.7 billion, and CNY 58.1 billion respectively [9][16]. - The company is expected to achieve net profits of CNY 7.9 billion, CNY 9.0 billion, and CNY 11.4 billion during the same period [9][16]. Market Expansion - The company has successfully launched four products in international markets, including Hanshu in over 30 countries [7][25]. - The company has established multiple commercial partnerships for its biosimilars, enhancing its international market presence [30][31]. Clinical Development - The company is actively conducting multiple Phase II and III clinical trials for its innovative drugs, with HLX43 and HLX22 being key candidates [4][5][34]. - The company has a robust pipeline with over 10 innovative drugs and 10 biosimilars under development [26][28].
复宏汉霖（02696）：产品布局全球市场，创新管线具备FIC潜力