JP Morgan: Maintains "Overweight" Rating on HANSOH PHARMA (03692), Target Price Raised to 50 HKD

J.P. Morgan released a research report stating that it maintains an "Overweight" rating for HANSOH PHARMA (03692). Based on the performance in the first half of the year, J.P. Morgan raised its full-year cooperation revenue forecast for HANSOH PHARMA by 4%, slightly adjusting the long-term revenue forecast upward due to new product approvals and increased visibility, with the target price raised from HKD 45 to HKD 50. HANSOH PHARMA's performance in the first half of the year exceeded expectations, with revenue growing by 11.7% year-on-year to RMB 8.304 billion, primarily driven by innovative drugs and cooperation revenue, which contributed 85.4% to total revenue. During this period, net profit increased by 35.8% year-on-year to RMB 4.258 billion, reaching a new high for the half-year; however, part of this was derived from one-time gains from unlisted venture capital in the life sciences sector. Management revealed at the results meeting that five new products are expected to be approved next year, with a cumulative total of 30 new product approvals by 2030. J.P. Morgan believes this can enhance market confidence in the progress of its pipeline.