翰森制药（03692）：创新与BD共进，收入利润增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 15.028 billion RMB (+22.6% YoY) and a net profit of 5.555 billion RMB (+27.1% YoY) for the year 2025, with innovative drugs contributing 12.354 billion RMB (+30.4% YoY), accounting for 82.2% of total revenue [1][7] - The growth is driven by both innovation and business development (BD), indicating a strong outlook for continued growth [1] Revenue Breakdown - Oncology segment revenue reached 9.974 billion RMB (+23% YoY), primarily due to the strong performance of core products like Amivantamab and milestone income from GSK [2] - Anti-infection revenue was 1.586 billion RMB (+8% YoY), driven by the sales of Adefovir [2] - CNS segment revenue was 1.310 billion RMB (-5% YoY), with the negative impact from centralized procurement on generic drugs largely mitigated [2] - Revenue from metabolic and other diseases surged to 2.158 billion RMB (+67% YoY), mainly due to milestone payments from Merck [2] R&D Progress - The company has 8+1 innovative drugs and 15+3 indications approved, with 40+ molecules in over 70 clinical trials [3] - Key pipelines include Amivantamab, HS-20093, HS-20089, HS-20094, and HS-20117, with several in Phase III clinical trials [3] International Collaboration - The company has achieved at least one high-quality external authorization each year for the past three years, accumulating 542 million USD in upfront payments and a total of 8.8 billion USD in potential revenue from five projects in Europe and the US [4] - Ongoing collaborations with GSK, Regeneron, and MSD are progressing positively, with several projects in various clinical stages [4] Profit Forecast and Valuation - The company’s net profit forecasts for 2026 and 2027 have been raised to 6.228 billion RMB and 6.602 billion RMB, respectively, reflecting an increase of 14% and 15% [5] - The target price is set at 43.68 HKD, based on a sum-of-the-parts (SOTP) valuation of 264.5 billion HKD [5]