Xiaomo: Maintaining Hanson Pharmaceuticals' (03692) “Gain” Rating and Raising the Target Price to HK$50

The Zhitong Finance App learned that J.P. Morgan Chase released a research report stating that it maintains the “gain” rating of Hanson Pharmaceuticals (03692). Based on the performance of the first half of the year, Motong raised Hanson Pharmaceuticals's cooperative revenue forecast by 4% for the full year. The long-term revenue forecast was slightly raised due to new product approval and increased visibility. The target price was raised from HK$45 to HK$50.

Hanson Pharmaceuticals's performance in the first half of the year beat expectations. Revenue increased 11.7% year over year to RMB 8.304 billion, mainly driven by revenue from innovative drugs and partnerships, and its contribution to revenue increased to 85.4%. Net profit for the period increased 35.8% year over year to RMB 4.258 billion, a half-year high, although some of it came from unlisted venture capital in the life sciences sector. Management revealed at the performance meeting that five new products will be approved next year. In 2030, a total of 30 new products will be approved. Motong believes it will increase the market's confidence in the progress of its pipeline.