Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report emphasizes the value of the ATTC platform and the continuous development of potential pipelines [5][7] - The company is advancing innovative treatments for cancer and immune diseases, showcasing its proprietary ATTC platform and the latest progress in late-stage pipeline candidates [7] Financial Performance and Forecast - The company’s projected revenues for 2025, 2026, and 2027 are $567 million, $676 million, and $816 million respectively, with growth rates of -10.0%, 19.2%, and 20.7% [6][8] - The expected net profit for 2025, 2026, and 2027 is $426 million, $94 million, and $138 million respectively, with growth rates of 1029.3%, -78.0%, and 46.7% [6][8] - The report anticipates a reasonable equity value of HKD 26.9 billion based on DCF calculations, assuming a perpetual growth rate of 2% and a WACC of 9.43% [7] Pipeline Development - The ATTC platform is a novel cancer precision therapy development platform that combines monoclonal antibodies with proprietary targeted small molecule inhibitors, aiming for superior anti-tumor activity and safety [7] - The first potential pipeline candidate from this platform is HMPL-A251, which has shown promising anti-tumor efficacy and tolerability in preclinical studies, with plans to enter clinical development by the end of 2025 [7] - Ongoing projects include: 1. FRUSICA-2 study for fruquintinib combined with sintilimab in renal cell carcinoma [7] 2. SANOVO study for savolitinib in non-small cell lung cancer [7] 3. Ongoing studies for surufatinib in pancreatic cancer [7] 4. HMPL-453 for intrahepatic cholangiocarcinoma, with plans for a new drug application in mid-2026 [7]
和黄医药（00013）：关注ATTC平台价值，潜力管线不断开发中