CICC: Maintains HANSOH PHARMA "Outperform Industry" rating with a Target Price of HKD 21.12.

CICC released a research report stating that it maintains a "outperform the Industry" rating for HANSOH PHARMA (03692), being Bullish on the company's future progress in going global, and maintains a Target Price of HKD 21.12. Due to the possibility that the initial payment for this authorized cooperation may be confirmed in 2025, the bank has lowered its expectations for 2024 authorized revenue and maintained its expectations for 2025 authorized fees, thus reducing the 2024 profit forecast by 9.7% to 4.04 billion yuan while keeping the 2025 profit forecast unchanged. On December 18, 2024, the company announced the granting of a global exclusive license agreement for Merck's HS-10535 (oral GLP-1 receptor agonist). CICC

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