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招商证券(香港)1月31日发布公告。Wemaintain ourFY22E/23Eearnings projections and SOTP-based TPatHKD11.0.We think Co.’s risk/reward is attractive given 1)Co. tradesat11X/9XFY22E/23E PER, nearthe lowest quantile within its historicalPERband; and 2) in-housepipeline upgradesto trigger potential re-rate(10+ potential NDA approvals/label expansions in 2023E-25E); 3) rich-cash position (~RMB6.5bncash as of June 30) to support BD(10+ dealsin past 3-5years).Keyrisks:ASP erosions fromcompetitions and reimbursement risksetc.