Investment Rating - The report assigns a "Buy" rating for Fosun Pharma (02196.HK) with a target price of HKD 26.5, indicating a potential upside from the current price of HKD 20.52 [1][6]. Core Insights - Fosun Pharma's subsidiary, Fosun Hani, has granted Eisai the rights to develop, manufacture, and commercialize the PD-1 monoclonal antibody, Surulitinib, in Japan, with potential upfront payments and sales milestones totaling up to USD 39 million [7]. - Surulitinib has shown strong competitive advantages, having been launched in China in March 2022 and covering multiple indications. The revenue for Surulitinib is projected to reach RMB 1.31 billion in 2024, reflecting a year-on-year growth of 17.2% [8]. - The company is actively expanding into new markets and indications, with ongoing clinical trials and regulatory submissions for various cancers, which are expected to drive future growth [8]. - Profit forecasts for Fosun Pharma indicate net profits of RMB 3.32 billion, RMB 4.68 billion, and RMB 4.77 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 19.9%, 40.8%, and 2.1% [8]. Financial Summary - The company is expected to achieve net profits of RMB 3.32 billion in 2025, RMB 4.68 billion in 2026, and RMB 4.77 billion in 2027, with corresponding earnings per share (EPS) of RMB 1.24, RMB 1.75, and RMB 1.79 [9]. - The projected price-to-earnings (P/E) ratios for H shares are 15X for 2025, 11X for 2026, and 11X for 2027, indicating a relatively low valuation compared to growth prospects [8][9]. - Revenue forecasts show an increase from RMB 44.87 billion in 2025 to RMB 49.88 billion in 2026, and further to RMB 53.41 billion in 2027 [11].
复星医药（02196）：BD业务继续，授权卫材日本区域斯鲁利单抗权利