20260828-招银国际-翰森制药-03692.HK-Strong_1H26_earnings_beat_with_innovation_momentum_intact_5页_1mb

Hansoh Pharma (3692 HK) Summary

Core Content

Hansoh Pharma (3692 HK) delivered strong first-half of 2026 (1H26) results, with total revenue increasing by 11.7% year-over-year (YoY) to RMB8.30bn and product sales rising 14.3% YoY to RMB6.84bn, slightly ahead of expectations. Net profit for 1H26 reached RMB4.26bn, up 35.8% YoY, and adjusted net profit (excluding one-off investment income) rose 19% YoY to RMB3.72bn, which is 66% of the prior full-year estimate and beat the forecast. The company's performance was driven by improved gross margins and operating efficiency, with product gross margin at 90.2% (up from 88.4% in FY25) and the SG&A-to-sales ratio dropping to 32.0% (from 36.7% in FY25). R&D spending increased by 20.7% YoY to RMB1.74bn, with management guiding for around 30% full-year growth in R&D expenses.

Main Points

• Revenue Growth:

  • 1H26: RMB8.30bn (+11.7% YoY)
  • FY26E: RMB17.48bn (up 16.3% YoY from FY25A)
  • FY27E: RMB18.76bn (+7.3% YoY)
  • FY28E: RMB20.83bn (+11.0% YoY)

• Net Profit Growth:

  • 1H26: RMB4.26bn (+35.8% YoY)
  • FY26E: RMB7.21bn (+29.8% YoY)
  • FY27E: RMB6.69bn (-7.3% YoY)
  • FY28E: RMB7.09bn (+5.9% YoY)

• Earnings Per Share (EPS):

  • 1H26: RMB0.74
  • FY26E: RMB1.19
  • FY27E: RMB1.10
  • FY28E: RMB1.17

• Profit Margins:

  • Gross margin: 91.37% (up +1.25ppt YoY)
  • Operating margin: 48.65% (up +8.71ppt YoY)
  • Net margin: 41.26% (up +7.38ppt YoY)

• Out-Licensing Income:

  • Hansoh continues to generate recurring out-licensing income.
  • The company's innovative portfolio is expected to compound value through a steady cadence of out-licensing deals.

• Innovation Pipeline:

  • HS-20093 (B7-H3 ADC): Encouraging results in multiple tumor types, with two China Phase 3 trials meeting primary endpoints. GSK plans to advance it into global Phase 3 trials from 2H26 onward.
  • HS-20089 (B7-H4 ADC): Rapid advancement into five global Phase 3 gynecologic cancer trials in 2026.
  • HS-20094 (GLP-1/GIP): NDA-stage, showing strong weight loss with favorable gastrointestinal tolerability.
  • HS-20118 (oral IL-23): Potential for once-weekly dosing via a NewCo structure.
  • Other promising programs include fourth-generation EGFR TKI, EGFR/c-MET ADC, KRAS G12D inhibitor, SEZ6 ADC, oral PCSK9, OX2R, and P2X3.

• Valuation:

  • Current price: HK$36.82
  • Target price (TP): HK$49.12 (up from HK$47.19)
  • 12-month upside: 33.4%
  • DCF-based valuation: HK$49.12 per share
  • Terminal growth rate: 3.5%
  • WACC: 8.48%

• Financial Highlights:

  • Strong cash flow from operations, with FY26E at RMB5.937bn.
  • High liquidity, with cash and equivalents at RMB39.854bn in FY26E.
  • Strong balance sheet with total assets expected to reach RMB48.523bn in FY26E.

Key Information

• Analyst Ratings:

  • CMBIGM maintains a BUY rating.
  • Target price (TP) is HK$49.12, reflecting strong 1H26 results and the company's continued innovation momentum.

• Outstanding Shares: 6,064.2 million

• Market Capitalization: HK$223,282 million

• Share Performance:

  • 1-month: +14.0%
  • 3-months: +8.9%
  • 6-months: +5.3%

• Valuation Metrics:

  • P/E (2026E): 26.5
  • P/B (2026E): 4.8
  • DCF per share (2026E): HK$42.24

Analysts

• Jill WU, CFA: (852) 3900 0842 | jillwu@cmbi.com.hk
• Andy WANG: (852) 3657 6288 | andywang@cmbi.com.hk

Disclaimer

• The report is not investment advice and should not be relied upon for investment decisions.
• CMBIGM does not guarantee the accuracy or completeness of the information.
• The value of investments may fluctuate and is not guaranteed.
• The report is for the use of intended recipients only and may not be reproduced, reprinted, sold, or published without prior written consent.

Risk Factors

• Investment in R&D may not yield the expected results.
• Market conditions and regulatory changes could impact performance.
• There may be conflicts of interest due to CMBIGM's involvement in the company's securities.