復宏漢霖-B(02696.HK):CEO職務順利交接,復宏漢霖再戰下一個十年,維持“買入”評級,目標價 68.50 港元
機構:興業證券
評級:買入
目標價 :68.50 港元
投資要點
事件:(1)公司授予 Accord 在美國和加拿大開發及商業化 HLX02(曲妥珠單抗)的權利;(2)劉世高先生辭去公司執行董事、董事會戰略委員會委員、環境、社會及管治委員會委員及首席執行官職務,離任後將擔任公司戰略諮詢委員會主任;張文傑先生獲提名出任第二屆董事會執行董事,並自 2020 年 9 月 30 日起擔任公司首席執行官。
與 Accord 進一步合作,HLX02 將打開北美市場:根據協議內容,Accord在北美銷售 HLX02 需向公司支付產品銷售淨利潤的 18%-50%作為特許權使用費,支付比例較此前歐洲合作協議的 13.5%-25%有明顯提升,進一步擴大公司的權益;同時,公司授予 Accord 在其自有生產基地生產 HLX02的權利,可較好地緩解 HLX02 全球範圍銷售後帶來的產能的壓力。本此與 Accord 達成合作協議後,HLX02 將進入北美市場,進一步完善該產品的全球銷售網絡,也為公司未來上市的其他產品的銷售奠定基礎。
CEO 職務順利交接,公司有望再上台階:復宏漢霖於 2010 年成立,在劉世高博士的帶領下,經過 10 年的發展,已度過了從 0 到 1 的發展階段。在下一個發展階段,如何實現產品的商業化是公司即將面臨的另一個挑戰。張文傑先生於 2019 年 3 月加入公司,擔任高級副總裁、首席商業運營官及首席戰略官職務,此前曾在安進、羅氏、拜耳等國際大藥企擔任重要職務,擁有超過 25 年的醫藥行業商業運營及管理經驗。本次 CEO 職務順利交接以後,憑藉在行業內多年的商業運營經驗,張文傑先生有望帶領公司實現從 1 到 100 的突破,助力業績再上一個台階。此外,劉世高先生職務變動後仍在公司擔任戰略諮詢委員會主任,協助公司進一步的發展。
盈利預測與估值:我們維持 2020-2022 年預測收入 4.07、9.74 和 23.01 億元,同比增長 347.79%、139.16%和 136.32%;預測淨利潤-9.10、-8.35 和 -2.87 億元。維持目標價 68.50 港元,維持“買入”評級。
風險提示:研發進度及新產品銷售不及預期,市場競爭加劇,生物類似藥帶量採購進展超預期,人事變動風險。

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