Investment Rating - The report maintains a "Buy" rating for Hutchison China MediTech Limited (0013.HK) [1][8]. Core Views - The company is expected to benefit from the continuous expansion of product indications and the promising future of the ATTC platform, which is anticipated to inject new vitality into its pipeline [7][8]. - The revenue guidance for the oncology business has been revised down to USD 270-350 million for 2025, primarily due to delays in milestone income from partners and the postponement of the new drug application approval for a key product in China [4][8]. Financial Summary - For the first half of 2025, the company achieved revenue of USD 278 million, with oncology business revenue of USD 144 million [4]. - The projected net profit for 2025-2027 has been adjusted to USD 448 million, USD 92 million, and USD 109 million respectively, reflecting a significant increase from previous forecasts [8]. - The company’s revenue is expected to decline by 24.8% in 2024, followed by a slight decrease of 3.0% in 2025, before recovering with growth rates of 14.1% and 11.1% in 2026 and 2027 respectively [6][10]. Product Development and Market Position - The ATTC platform is expected to create a rich pipeline of drug candidates targeting a wide range of tumor indications, with clinical development planned to begin by the end of 2025 [7]. - The company’s core product, Savolitinib, has received approval for a new lung cancer indication in China, which is expected to participate in national medical insurance negotiations by the end of the year [7]. Market Performance - The stock is currently priced at HKD 25.2, with a total market capitalization of HKD 199.74 billion [1]. - The company’s gross margin is projected to improve from 44.6% in 2024 to 50.0% by 2027, indicating a positive trend in profitability [6][10].
和黄医药（00013）：产品适应症持续扩展，ATTC平台未来可期