CICC: Maintains Hansoh Pharmaceutical (03692.HK) "Outperform" Rating, Target Price HK$52; ADC Platform Value Continues to Materialize

Zhitong Finance APP has learned that CICC issued a research report stating it maintains an "Outperform Industry" rating on Hansoh Pharmaceutical (03692.HK), with a target price of HK$52.00, corresponding to price-to-earnings ratios of 43.9x and 42.3x for 2026 and 2027 respectively, implying potential upside of 51.25%. On October 19, Hansoh Pharmaceutical announced that it had entered into a strategic collaboration and licensing agreement with Roche for multiple ADC projects, covering 2 preclinical ADCs and multiple new projects developed based on Hansoh's proprietary technology platform. Under the agreement, the company will receive an upfront payment of US$400 million, a one-year anniversary payment of US$110 million, as well as potential milestone payments exceeding US$15 billion and tiered royalties on future product sales. The bank believes that this large-scale BD transaction further validates the global competitiveness of Hansoh's ADC platform.