According to the Guangfa Securities Research Report, Hengrui Pharmaceutical's SHR-1139 psoriasis phase II data is positive and has global best-in-disease potential. The bank expects the company's EPS for 26-28 to be 1.40, 1.70, and 2.06 yuan/share, respectively. This data further verifies the curative effects and ultra-long-term potential of SHR-1139, strengthens the competitiveness of the company's innovation pipeline in the field of autoimmunity, and considers its leading position in the industry. Referring to comparable companies, it is rated 50 times PE over 26 years. The reasonable value corresponding to A-shares is 69.98 yuan/share, maintaining a “buy” rating. At the same time, the reasonable value of H shares is HK$71.70 per share based on the current AH share premium ratio, maintaining a “buy” rating.

According to the Guangfa Securities Research Report, Hengrui Pharmaceutical's SHR-1139 psoriasis phase II data is positive and has global best-in-disease potential. The bank expects the company's EPS for 26-28 to be 1.40, 1.70, and 2.06 yuan/share, respectively. This data further verifies the curative effects and ultra-long-term potential of SHR-1139, strengthens the competitiveness of the company's innovation pipeline in the field of autoimmunity, and considers its leading position in the industry. Referring to comparable companies, it is rated 50 times PE over 26 years. The reasonable value corresponding to A-shares is 69.98 yuan/share, maintaining a “buy” rating. At the same time, the reasonable value of H shares is HK$71.70 per share based on the current AH share premium ratio, maintaining a “buy” rating.