HANSOH PHARMA(HK:03692) BOCOM International·2026-04-01 03:24Investment Rating - The report maintains a "Buy" rating for the company, Hansoh Pharmaceutical (3692 HK), with a target price adjusted to HKD 44.50, indicating a potential upside of 25.4% from the current closing price of HKD 35.48 [1][6][10]. Core Insights - The company exceeded expectations in its 2025 performance, with innovative drugs contributing nearly 70% to product sales revenue. The collaboration income has also normalized, enhancing overall performance. The mid-to-late stage pipeline is rich and progressing rapidly, with a new wave of product launches expected starting in 2027, providing greater visibility for long-term growth [2][6]. - The company reported a year-on-year revenue growth of 23% and a net profit growth of 27% for 2025, reaching RMB 15.03 billion and RMB 5.56 billion, respectively. Product sales revenue increased by 20.8%, with innovative drug revenue rising by 30%, accounting for 68% of total sales [6][11]. - The report highlights the efficient advancement of the innovative pipeline, with several key products expected to enter critical phases in 2026. Notable products include HS-20093, HS-20089, HS-20094, and HS-10374, with multiple products set to initiate Phase III or key registration clinical trials this year [6][11]. Financial Performance - The financial forecast for 2026 estimates revenue of RMB 16.81 billion, with a projected EBIT of RMB 5.25 billion. The net profit is expected to be RMB 5.02 billion, reflecting a decrease from 2025 due to increased R&D expenses [11][12]. - The company plans to increase R&D investment by over 30% in 2026, with a continued focus on innovative drug development and market expansion [6][11]. - The report indicates a stable growth trajectory for the company's flagship product, Ameluz, with sales expected to maintain a peak of RMB 8 billion before 2030 [6].