HANSOH PHARMA(03692) 交银国际证券·2024-03-27 16:00Investment Rating - The report maintains a Neutral rating for the company with a target price of HKD 16.00, indicating a potential upside of 7.5% from the current price of HKD 14.88 [2][7]. Core Insights - The company reported a revenue growth of 7.7% year-on-year for FY23, reaching RMB 10.104 billion, driven by a 37.1% increase in innovative drugs and collaboration products, which now account for 67.9% of total revenue [1][4]. - Net profit for FY23 increased by 26.9% to RMB 3.278 billion, exceeding expectations due to a gross margin of 89.8% and significant increases in bank interest and investment income [1][4]. - The company expects product sales growth to recover to double digits in FY24, with innovative drug revenue projected to exceed 70% of total revenue [1][2]. Financial Summary - Revenue projections for FY24 are set at RMB 12.310 billion, reflecting a 21.8% growth, with net profit expected to reach RMB 3.991 billion, a 21.6% increase [4][6]. - The company plans to double its capital expenditure from RMB 200 million in the previous year to invest in R&D headquarters [1]. - Key therapeutic areas such as oncology and metabolic diseases showed strong performance, with revenue growth of 11.7% and 16.3%, respectively [1][4]. Research and Development Focus - The company will focus on key products such as Amelot, ADC, and GLP-1 dual-target drugs in 2024, with plans to submit a supplemental NDA for Amelot in Q3 2024 [1][2]. - The sales target for Amelot is projected to exceed RMB 6 billion by 2026, despite a 40% price reduction due to insurance negotiations [1][4].