BOCOM International Upgrades Hansoh Pharmaceutical (03692) Target Price to HK$24.6, Reiterates 'Buy' Rating

According to the Zhisheng Finance APP, Bocom International issued a research report stating that it has raised the target price of Hansoh Pharma (03692) to HKD 24.6 and reiterated a "Buy" rating. The bank increased its revenue forecast for the company by 4-5% for 2025-2026 and its net profit forecast by 3-5%.

The bank noted that the 2024 performance exceeded market expectations, with Almonertinib (Ameile) showing outstanding results: revenue and net profit increased by 21.3%/33.4% respectively, reaching RMB 12.3 billion/4.37 billion (hereinafter the same), and the full-year sales of Almonertinib (Ameile) increased by 29% year-on-year. Management's guidance for 2025 includes: 1) Full-year revenue achieving double-digit growth, with innovative drug product revenue reaching RMB 10 billion, increasing by more than 25% year-on-year; 2) Almonertinib (Ameile) sales reaching RMB 6 billion; 3) Dividend payout ratio remaining at a similar level to that of 2024.

Innovative Pipeline Poised for Growth, Strong Long-Term High-Growth Visibility: 1) Two ADCs Already Overseas: GSK Plans to Initiate Registration Study of B7H3 ADC in Q4 2025, B7H4 ADC Phase I Data Readout This Year, Entering Registration Clinical Trial in 2026; 2) GLP-1 Series Pipeline: GIP/GLP-1 Dual-Target Agonist HS-20094 Weight Loss Indication Has Entered Phase III, Expected to Launch in 2027; 3) Autoimmune: TYK2 Psoriasis in Phase III, IL23p19 Monoclonal Antibody Phase III to Commence in H2 2025, Respectively Expected to Launch in 2028/2029.