Zhictong Finance APP learned that GF SEC released a research report stating that it maintains Hutchmed (China) (00013) "Buy" rating, with expected net income attributable to parents of $0.005, $0.02, and $0.074 billion for the years 2024-2026. The company's reasonable value derived by DCF method is HKD 41.35 per share (1 USD = 7.78 HKD). The company's R&D, commercialization, and overseas capabilities have been preliminarily validated, with a sufficient differentiated innovation pipeline. As various products gradually enter the harvest period.

GF Securities' main points are as follows:

Event One:

The company announced on January 2, 2025, that the NDA for the combination therapy of Savolitinib and Osimertinib for the treatment of EGFR-mutated NSCLC with MET amplification that progressed after first-line EGFR inhibitor treatment has been accepted by the National Medical Products Administration and granted priority review.

The application for the domestic listing of Savolitinib for second-line NSCLC is progressing ahead, while international efforts are actively underway.

According to the corresponding announcement, the combination therapy of Savolitinib and Osimertinib has conducted three registration clinical trials: (1) SACHI: second-line treatment for EGFR-TKI-resistant MET+ NSCLC, domestic phase 3; (2) SAFFRON: second/third-line treatment for Osimertinib-resistant MET+ NSCLC, global phase 3; (3) SAVANNAH: second/third-line treatment for Osimertinib-resistant MET+ NSCLC, global phase 2 registration clinical trial. The domestic submission for listing application is based on the research results of SACHI, which has been included in priority review, and specific data is expected to be presented at next year's academic conference.

Event Two:

On January 2, 2025, the company announced the sale of its 45% stake in Hutchmed (China) to Kingsoft Health and SH PHARMA for 0.608 billion USD (4.478 billion RMB) in Cash. After the Trade is completed, Hutchmed (China) will retain a 5% stake in SH PHARMA. In 2023, Hutchmed (China)'s share of SH PHARMA's Net income was 47.4 million USD, excluding consolidated revenue.

Focusing on innovation in core business, Traditional Chinese Medicine assets were successfully sold.

According to the company's official website, the company plans to use the proceeds from the above Trade to further develop its internal product pipeline, including its new generation ADC platform. The company's first candidate drug based on this platform is expected to enter clinical trials in the second half of 2025.

Risk warning: risks of pharmaceutical review, cost control policy risks, and research and development progress not meeting expectations.