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《大行》招銀國際升翰森製藥(03692.HK)目標價至46.41元 維持「買入」評級
招銀國際發表報告指,翰森製藥(03692.HK)2025年業績表現強勁,總收入達150.3億元人民幣(下同),按年增22.6%,淨利潤55.6億元,按年增27.1%。2025年,公司錄得BD收入21.2億元,主要來自默沙東和葛蘭素史克的付款。自2023年底以來,公司已成功將多款資產授權出海。2025年另有8款新藥進入臨床,對外授權已成為公司經常性的利潤中心。...
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《大行》招銀國際升翰森製藥(03692.HK)目標價至46.41元 維持「買入」評級
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招銀國際發表報告指,翰森製藥(03692.HK)  +1.940 (+5.184%)    Short selling $228.42M; Ratio 121.536%   2025年業績表現強勁,總收入達150.3億元人民幣(下同),按年增22.6%,淨利潤55.6億元,按年增27.1%。2025年,公司錄得BD收入21.2億元,主要來自默沙東和葛蘭素史克的付款。自2023年底以來,公司已成功將多款資產授權出海。2025年另有8款新藥進入臨床,對外授權已成為公司經常性的利潤中心。

報告指,翰森製藥核心後期資產正與合作夥伴加速推進。HS-20093(B7-H3ADC)正開展二線小細胞肺癌全球/中國三期及骨肉瘤中國三期臨床,預計2026年國內申報上市;近期還啟動了經治非鱗非小細胞肺癌的中國三期。HS-20089(B7-H4ADC)已進入中國卵巢癌三期,GSK也註冊了兩項全球三期研究。代謝領域,默沙東將HS-10535(口服GLP-1)推進至肥胖癥臨床試驗,HS-20094(GLP-1/GIP)正在中國進行肥胖癥三期臨床,同時再生元在美國進行二期研究。

阿美替尼適應癥擴展驅動增長。核心產品阿美替尼憑借一線市場份額的提升及新適應癥獲批,銷售持續強勁。2026年初,其用於局部晚期EGFR突變NSCLC輔助及維持治療新增納入國家醫保,成為首個獲批該設定的國產EGFR-TKI;其聯合化療的一線療法也於近期獲批。此外,2026年2月公司提交了阿美替尼聯合c-Met抑制劑用於二線治療的上市申請,聯合雙抗的一線三期臨床也在進行中,將進一步支撐其商業化上升空間。

該行維持「買入」評級。預計翰森2026/2027年的收入將分別按年增長11.1%/5.6%,淨利潤分別增長3.6%/1.8%。基於強勁的產品銷售預期,將目標價從45.26港元上調至46.41港元。(ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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