HANSOH PHARMA(03692) 广发证券·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 22.85 per share, compared to the current price of HKD 15.48 [4]. Core Views - The company reported a revenue of HKD 10.104 billion for 2023, representing a year-on-year growth of 7.7%. The net profit reached HKD 3.278 billion, up 26.9%, with operating cash flow of HKD 3.116 billion, an increase of 13.7% [2]. - The company has accelerated innovation and internationalization, with 7 new drugs approved for market, contributing to a sales revenue of HKD 6.865 billion from innovative drugs and collaborative products, which is a 37.1% increase and accounts for 67.9% of total revenue [2]. - Research and development (R&D) expenditure for 2023 was HKD 2.097 billion, a 23.8% increase, representing 20.8% of revenue. The company has over 30 innovative pipelines in clinical development [2]. Summary by Sections Financial Performance - Revenue for 2023 was HKD 10.104 billion, with a growth rate of 7.7%. The net profit was HKD 3.278 billion, reflecting a growth of 26.9% [3]. - The earnings per share (EPS) for 2023 was HKD 0.55, with projections for 2024 and 2025 at HKD 0.68 and HKD 0.59 respectively [3]. R&D and Innovation - The company has 30+ innovative pipelines in clinical development, focusing on expanding the treatment potential of its core pipeline, Amivantamab [2]. - The company has entered into two licensing agreements with GSK, which could yield upfront payments of USD 85 million and USD 185 million [2]. Market Position and Future Outlook - The report indicates that the company's innovative products are expected to continue unlocking market potential, with core pipelines showing global competitiveness in clinical treatment capabilities [2]. - The projected EPS for 2024-2026 is expected to be HKD 0.68, HKD 0.59, and HKD 0.71 respectively, with a reasonable value derived from a risk-adjusted DCF method being HKD 22.85 per share [2].