Morgan Stanley Maintains 'Overweight' Rating on Hansoh Pharmaceutical (03692.HK), Raises Target Price to HK$25

According to the Zhitong Finance APP, Morgan Stanley released a research report stating that it maintains the "Overweight" rating for Hansoh Pharma (03692), and raised the target price from the original HK$24 to HK$25.

The company's performance last year met expectations, but the upward revision of Ameile's peak sales guidance and this year’s sales guidance came as a surprise. The peak sales of Ameile were further increased from RMB 6 billion to RMB 8 billion, with a sales target of RMB 6 billion set for this year, indicating room for upside in the bank's previous estimates and an acceleration in growth this year.

The bank also noted that management expects this year's product sales to achieve double-digit growth, with innovative drugs growing by 25%. The company is also rapidly diversifying into the chronic disease sector, with high-value drugs expected to gain approval starting from 2027.