HANSOH PHARMA(HK:03692) Shenwan Hongyuan Securities·2025-08-21 05:47Investment Rating - The report maintains a "Buy" rating for Hansoh Pharmaceutical [2][9][16] Core Views - Hansoh Pharmaceutical's 1H25 revenue increased by 14.3% year-on-year to Rmb7.43 billion, with net profit rising by 15.0% to Rmb3.14 billion, exceeding expectations due to strong sales of innovative drugs and BD collaboration revenue [5][12][16] - The company's gross margin remained stable at 91.1%, while the selling expense ratio decreased by 2.0 percentage points to 24.5% [5][12] - R&D expenses grew by 20.4% to Rmb1.44 billion, with the R&D expense ratio increasing to 19.4% from 18.4% in 1H24 [5][12] Revenue and Profitability - Innovative drugs and collaborative products contributed Rmb6.15 billion in revenue, a 22.1% increase year-on-year, accounting for 82.7% of total revenue [6][13] - Oncology product sales reached Rmb4.53 billion, representing 61% of total revenue, driven by the sales ramp-up of Ameile and Hansoh Xinfu [6][13] - The CNS and anti-infective sectors generated Rmb768 million and Rmb735 million in sales, respectively, together accounting for 20% of total revenue [6][13] Future Growth Drivers - The company has over 40 innovative drugs in development and more than 70 ongoing clinical trials across oncology and non-oncology fields [7][14] - Eight innovative drugs entered clinical stages for the first time in 1H25, with three new phase III pivotal registration trials initiated [7][14] - Successful licensing of HS-20094 (GLP-1/GIP) to Regeneron, with significant upfront and milestone payments, indicates strong collaboration potential [8][15] Financial Forecasts - EPS forecasts for 2025, 2026, and 2027 have been raised to Rmb0.88, Rmb0.95, and Rmb1.06, respectively [9][16] - The target price has been adjusted from HK$25.1 to HK$43.8, indicating a 22% upside potential [9][16] - Projected revenue and net profit growth rates for the coming years are 15.13% and 20.13% for 2025, respectively [10][19]