CICC: Maintain "Buy" rating on HANSOH PHARMA (03692), raise target price to HK$46.41

Guosen Securities International released a research report stating that it maintains a "buy" rating on HANSOH PHARMA (03692). It is expected that the revenue for 2026/2027 will increase by 11.1% and 5.6% respectively, with net profits increasing by 3.6% and 1.8%. Due to strong product sales expectations, the target price has been raised from HK$45.26 to HK$46.41. HANSOH PHARMA's performance in 2025 was strong, with total revenue reaching RMB 15.03 billion, an annual increase of 22.6%, and net profit of RMB 5.56 billion, an annual increase of 27.1%. In 2025, the company recorded BD revenue of RMB 2.12 billion, mainly from payments from MSD and GSK. Since the end of 2023, the company has successfully licensed multiple assets overseas. In 2025, 8 new drugs entered clinical trials, with external licensing becoming a regular profit center for the company. The report points out that HANSOH PHARMA's core late-stage assets are accelerating with partners. HS-20093 (B7-H3ADC) is conducting global/Chinese phase III trials for second-line small cell lung cancer and Chinese phase III trials for osteosarcoma, with domestic application for market approval expected in 2026; a recent phase III trial for non-squamous non-small cell lung cancer has also been initiated. HS-20089 (B7-H4ADC) has entered phase III trials for ovarian cancer in China, and GSK has registered two global phase III studies. In the metabolic field, MSD is advancing HS-10535 (oral GLP-1) for obesity clinical trials, while HS-20094 (GLP-1/GIP) is undergoing phase III clinical trials for obesity in China, with Resurmetron conducting phase II studies in the US. The company stated that the expansion of indications for Amei Eritinib is driving growth. The core product Amei Eritinib continues to achieve strong sales due to increased market share in the first line and approval for new indications. In early 2026, it was included in the national medical insurance for use in adjuvant and maintenance treatment of locally advanced EGFR mutation NSCLC, becoming the first domestically produced EGFR-TKI to receive approval for this indication; its combination chemotherapy as a first-line therapy was also recently approved. In addition, in February 2026, the company submitted an application for the listing of Amei Eritinib combined with c-Met inhibitors for second-line treatment, and a phase III clinical trial of combination dual antibodies is underway, which will further support its commercialization growth.