金吾财讯 | 华泰证券发布研报，首次覆盖翰森制药(03692)。该行指，公司是国内创新转型较为成功的综合性药企之一，合计拥有8个已上市创新药，数量居国内药企第2，8款已上市创新药获批进度均为国内同类品种前二，且在疗效、安全性等方面均较竞品具备优势，底层创新实力逐步验证，未来两年或迎来创新催化浪潮。
该行指，看好公司全球化创新转型的兑现：1）1H24创新药收入占比已突破70%，且呈增长趋势；2）2025/26年公司有望迎来新品获批浪潮；3）管线国际竞争力显现，3款品种高价BD给MNC；从管线进度判断，新药出海有望形成趋势。
该行预测，公司2024~26年归母净利润为42.36/41.11/37.99亿元（+29/-3/-8%yoy）。该行给予公司SOTP估值1323亿港币（创新药DCF估值1278亿港币+仿制药PE估值44亿港币），对应目标价22.28港币。
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