CICC: Raise the target price of Ascletis Pharma (03692.HK) to HKD 23.3, maintain "Outperform Industry" rating.

Jin10 data reported on March 24 that CICC published a report stating that Hansoh Pharmaceutical (03692.HK) had a revenue of 12.261 billion RMB last year, a year-on-year rise of 21.3%; net profit was 4.372 billion RMB, a year-on-year rise of 33.4%, slightly higher than the bank’s expectations, mainly due to the accounting of the upfront payment for product licensing and the rapid higher trade volumes of Ameluz sales. The report indicated that due to the high growth of Ameluz, the profit forecast for 2025 was raised by 5.1% to 4.405 billion RMB, and a profit forecast of 4.683 billion RMB for 2026 was introduced. It maintained an “outperform industry” rating, and based on the SOTP valuation method, considering the upward revision of profit forecasts and the steady growth of the company’s product sales revenue, the target price was raised by 10.3% to 23.3 HKD.