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Haitong International: HANSOH PHARMA (03692.HK) Sees Steady Growth in Innovative Products, Pipeline Entering Breakout Phase
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Haitong International issued a research report stating that HANSOH PHARMA (03692.HK) delivered results in line with expectations last year, with the contribution from innovative drugs and collaboration revenue continuing to rise to 82%. The company recorded revenue of RMB15 billion last year, up 23% YoY. Among which, revenue from innovative drugs reached RMB10.2 billion, up 30% YoY, while collaboration revenue amounted to RMB2.1 billion, up 35% YoY. Gross margin was 90%, down 1 ppt YoY. R&D expenses were RMB3.4 billion, up 24% YoY, and selling expenses were RMB4.1 billion, up 7% YoY. Benefiting from an improvement in the selling expense ratio, operating profit margin increased by 4 ppts to 36%. Net profit attributable to shareholders reached RMB5.56 billion, up 27% YoY. Haitong International raised its revenue forecasts for 2026 and 2027 to RMB17 billion and RMB19 billion, respectively, and lifted its net profit attributable to shareholders forecasts to RMB5.9 billion and RMB6.6 billion, reflecting continued improvement in the selling expense ratio as well as steady growth and potential normalization of out-licensing income, which is expected to provide sustained incremental profit contribution. The TP is HKD45.94, with an Outperform rating maintained. (ec/a) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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