Investment Rating - The report maintains a "Buy" rating for the company, with a slight increase in the target price to 41.3 [1][5][16] Core Insights - The sale of non-core assets from Shanghai Hutchison Pharmaceuticals is expected to generate significant cash flow, which will be directed towards the development of the Antibody-Drug Conjugate (ATTC) platform. The company announced a cash sale of 45% of Shanghai Hutchison Pharmaceuticals for 477 million expected over three years. This transaction is anticipated to be completed by the end of Q1 2025, leaving the company with a 5% stake in Shanghai Hutchison Pharmaceuticals [5][6][8] - The ATTC platform has two preclinical candidates, with the first expected to enter clinical trials in the second half of 2025. The ATTC technology uses small molecule targeted drugs as payloads, which may overcome traditional chemotherapy resistance and allow for long-term administration [5][6][8] - The New Drug Application (NDA) for Savolitinib as a second-line treatment for EGFR mutation-positive non-small cell lung cancer (NSCLC) has been submitted and is under priority review, with approval expected within the year. The company anticipates positive outcomes from ongoing studies and collaborations with AstraZeneca for further submissions in the U.S. [5][6][8] Financial Summary - The company's projected revenues and net profits for the upcoming years are as follows: - Revenue: 978 million by 2026, with a year-on-year growth rate of 20.1% [7][9] - Net Profit: A loss of 275 million by 2025, and 270 million, primarily due to the one-time gain from the sale of Shanghai Hutchison Pharmaceuticals [5][6][8]
和黄医药：出售非核心资产落地，充足现金流推进ATTC研发