Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company has made significant progress in multiple innovative pipelines, and the employee stock ownership plan strengthens development confidence [1]. - The company's revenue for the first three quarters of 2024 reached 20.189 billion yuan, a year-on-year increase of 18.67%, with a net profit attributable to shareholders of 4.620 billion yuan, up 32.98% year-on-year [3]. - The company is focusing on international expansion, which is becoming a second growth engine, with the approval of a generic drug application in the U.S. [4]. Summary by Sections Recent Performance - The company's stock performance relative to the CSI 300 index shows a decline of 1.0% over the last month, but a 19.0% increase over the last three months [2]. - The current stock price is 48.18 yuan, with a 52-week price range of 35.51-57.53 yuan [2]. Research and Development - In the first three quarters of 2024, the company invested 4.549 billion yuan in R&D, accounting for 22.53% of its revenue [2]. - Several key products have received market approval, including treatments for severe psoriasis and alopecia areata [2][3]. Financial Forecast - The company forecasts revenues of 26.939 billion yuan, 30.758 billion yuan, and 36.007 billion yuan for 2024, 2025, and 2026, respectively [7]. - The projected net profit for the same years is 6.106 billion yuan, 6.666 billion yuan, and 8.046 billion yuan, with corresponding P/E ratios of 50, 46, and 38 [6][7]. Employee Incentives - The employee stock ownership plan includes performance metrics focused on innovative drug sales and the number of new drug applications approved [6]. - The targets for innovative drug revenue are set at 13 billion yuan, 29.5 billion yuan, and 50.3 billion yuan for 2024, 2025, and 2026, respectively [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a steady performance in Q3 2024, achieving a revenue of 6.589 billion yuan, a year-on-year increase of 12.72%, with a total revenue of 20.189 billion yuan for the first three quarters, reflecting an 18.67% year-on-year growth. This growth is primarily driven by the continued expansion of innovative drug products [5] - The net profit attributable to the parent company for Q3 2024 was 1.188 billion yuan, a year-on-year increase of 1.91%, while the net profit for the first three quarters reached 4.620 billion yuan, up 32.98% year-on-year [5] - The company has successfully launched its first innovative drug in the self-immune field, targeting IL-17, and has a total of 17 first-class new drugs approved for sale in China [6] - The company is expected to continue contributing to revenue growth with 9 innovative drugs currently in the application stage and 5 drugs undergoing review for medical insurance negotiations [6] Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 6.444 billion yuan, representing a year-on-year growth of 49.8%, with earnings per share (EPS) expected to be 1.01 yuan [5][10] - The company’s revenue is forecasted to grow from 22.820 billion yuan in 2023 to 27.474 billion yuan in 2024, reflecting a growth rate of 20.4% [10] - The gross profit margin is expected to remain stable, with projections of 83.9% in 2024 and 85.4% in 2025 [10] Valuation - The company is valued using the PEG method, with a price-to-earnings (PE) ratio estimated between 43 to 54 times for 2024, corresponding to a reasonable value range of 43.31 to 54.14 yuan [5] - Comparatively, the average PE ratio for peer companies is around 46.32 times [9] Market Performance - The company’s stock has shown a relative performance of -7.0% over the past month and -11.0% over the past two months, with a 3.3% increase over the last three months compared to the market index [3][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady growth, emphasizing technological innovation and international expansion [2] - In the first three quarters of 2024, the company achieved operating revenue of 20.189 billion yuan, a year-on-year increase of 18.67%, and a net profit attributable to shareholders of 4.620 billion yuan, up 32.98% year-on-year [1][2] - The company has a robust pipeline of over 90 innovative products in clinical development, with 300 clinical trials ongoing domestically and internationally [2][3] Financial Performance - For Q3 2024, the company reported operating revenue of 6.589 billion yuan, a year-on-year increase of 12.72%, and a net profit attributable to shareholders of 1.188 billion yuan, up 1.91% year-on-year [1] - R&D expenses for the first three quarters of 2024 amounted to 4.549 billion yuan, reflecting a year-on-year increase of 22.10%, with an R&D expense ratio of 22.53% [2] - The company expects net profits attributable to shareholders to reach 6.320 billion yuan, 7.057 billion yuan, and 8.121 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 46.90%, 11.66%, and 15.08% [3] Market Expansion - The company has accelerated its internationalization, successfully launching its first generic products in the U.S. and resubmitting applications for key drugs [3] - The company has received approval for its first generic drug, liposomal bupivacaine, and albumin-bound paclitaxel in the U.S., indicating significant market potential [3] - The company has submitted a Biologics License Application (BLA) for a combination therapy for liver cancer, with a PDUFA date set for March 23, 2025 [3]

交银国际研究 财务模型更新 收盘价 目标价 潜在涨幅 人民币 48.00 人民币 45.00↓ -6.2% 医药 2024 年 10 月 28 日 恒瑞医药 (600276 CH) 3Q 收入延续复苏态势、但利润率略有承压，维持中性评级 3Q24产品销售收入延续1H的高增长势头，但行业合规整治常态化后，公司营 销活动恢复正常，给公司利润率带来一定压力。我们下调目标价至 45 元（人 民币，下同）。公司创新药销售势头良好、出海持续取得重要进展，但仿制 药大品种集采仍是最大不确定性，且最新目标价对应 6%潜在股价降幅，因此 维持中性评级。 3Q24 收入延续高增速，利润率承压：恒瑞医药 3Q24 收入 65.9 亿元，同比 增长 12.7%，基本符合市场预期，增速相较于 2Q24（剔除首付款影响） 的 11.6%有所提高；归母净利润 11.9 亿元，同比增长 1.9%，低于市场预期 （13.5 亿元）。管理层表示，公司 3Q 创新药收入占比相比 1H24（超过 50%）有进一步提升。3Q 毛利率为 85.4%，同比提升 0.6ppt；但净利率同 比下降1.9ppts至18.0%。3Q销售费用增长25%，同时费用率 ...

Core Viewpoint - Innovation is the core element of developing new productive forces and the driving force for high-quality development in enterprises. Heng Rui Medicine (600276.SH) has consistently prioritized technological innovation as its primary development strategy, with cumulative R&D investment exceeding 40 billion yuan, ranking among the top in the national pharmaceutical industry [1][2]. R&D Investment - Heng Rui Medicine's R&D investment has consistently accounted for about 10% of its revenue over the years, with a total investment of 34.65 billion yuan from 2014 to 2023, representing 19.24% of total revenue of 180.14 billion yuan during the same period [2]. - In recent years, R&D investment has increased, with 6.203 billion yuan, 6.346 billion yuan, and 6.150 billion yuan invested in 2021, 2022, and 2023 respectively, maintaining a ratio above 20% of revenue [2][3]. - In the first half of 2024, R&D investment reached 3.860 billion yuan, accounting for 28.38% of revenue [2]. R&D Strategy and Achievements - Since 2021, Heng Rui's R&D investment has exceeded its net profit, indicating a strong commitment to reinvesting earnings into innovation [3]. - The company has established 14 R&D centers globally, employing over 5,000 professionals, enhancing its competitive edge in various disease research areas [3][4]. - Heng Rui has developed a comprehensive R&D management system covering the entire drug development process, from target research to clinical trials and new drug registration [5][6]. Innovation Pipeline - Heng Rui focuses on "new, fast, and unique" innovations, addressing unmet clinical needs and differentiating itself in a competitive market [6]. - The company has a diverse pipeline covering various therapeutic areas, including oncology, autoimmune diseases, and cardiovascular diseases, with over 100 innovative products in development [6][8]. International Recognition and Market Position - Heng Rui has been recognized internationally, ranking first among Chinese pharmaceutical companies in R&D investment on the global pharmaceutical manager's TOP50 list for six consecutive years [9]. - In the first half of 2024, innovative drug revenue reached 6.612 billion yuan, a 33% increase year-on-year, indicating a significant milestone in the company's transformation towards innovation [9][10]. Future Outlook - The company aims to expand its international presence through self-research, collaboration, and licensing, enhancing its innovative product pipeline and driving growth [10][11]. - Heng Rui's commitment to innovation positions it as a potential leader among global pharmaceutical companies, with aspirations to be recognized among the top 10 by market capitalization [11].

在会议开始前 我们提示各位广大投资者在首长嘉宾发言结束后将留有提问时间 将由请求持人转发 各位博客战友们下午好欢迎大家参加北瑞地亚2024年参议院理事会谈论会我是公司证监事代表钱飞今天参议会的公司领导人与公司总经理张红军带领从参议院总经理张元帅招的财务总监刘俊信 刘总经理 董事会秘书刘桥安 董总本次会议还是跟以往的参议院领导人认识的另一位前领导人公司财务总监 罗总是来检查和介绍一下参议书的财务业余表现情况 然后我们进入到进入跳轮环节接下来先把时间交给刘总好各位大家好我是公司的常务总监刘坚军以下有我来对三季度的业绩进行汇报公司2024年1-9月营业收入为201.8亿元去年同期为170.1亿元无比增加31.7亿元增长幅度为18.6% 由于操线要收收的持续增长以及莫克对外提款收入的确认2024年1-9月营业收入的增长幅度较大公司2024年7-9月营业收入为65.8亿元去年同期为58.4亿元同期增加7.4亿元增长幅度为12.7% 2024年7到9月营业收入的增长幅度低于前三季度主要是因为公司在二季度一次性确认了1.6亿的对外取口收入公司2024年1到9月营业总成本为150.8亿元去年同期为132.5亿元同比增加18. ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3] - The market price is noted at RMB 48.00, with a sector rating of "Outperform" [1] Core Insights - The company achieved a revenue of RMB 20.189 billion in the first three quarters of 2024, representing a year-on-year growth of 18.67%, while the net profit attributable to shareholders increased by 32.98% to RMB 4.620 billion [3][4] - The company is increasing its R&D investments, with R&D expenses reaching RMB 4.549 billion in Q1-Q3 2024, a 22.10% increase year-on-year [4] - The company has established a diversified product portfolio, including chemical drugs, monoclonal antibodies, and ADC drugs, which is expected to contribute to future revenue growth [4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of RMB 20.189 billion, a 18.67% increase year-on-year, and a net profit of RMB 4.620 billion, up 32.98% [4][5] - The company’s Q3 revenue was RMB 6.589 billion, reflecting a 12.72% year-on-year growth, while net profit for the same period was RMB 1.188 billion, a 1.91% increase [4] R&D and Innovation - The company is actively pursuing international collaborations and has received clinical trial qualifications for several innovative drugs, including three ADC products that gained fast track designation from the FDA [4][5] - The total number of invention patents applied globally reached 2,527 as of H1 2024 [4] Product Diversification - The company has developed a mature platform for various drug types, including ADCs and mRNA, which broadens its product line and aims to enhance its market presence in oncology and chronic diseases [4][5] Valuation - The projected net profits for 2024-2026 are RMB 5.593 billion, RMB 6.704 billion, and RMB 7.975 billion, respectively, with corresponding EPS of RMB 0.88, RMB 1.05, and RMB 1.25 [4][5] - The PE ratios for the same years are expected to be 55.5, 46.3, and 38.9, indicating a positive outlook for the company's long-term growth [4][5]

二、 药品的其他情况 HRS-4642 注射液是公司自主研发的 KRAS G12D 抑制剂，为脂质体剂型。 药品 名称 HRS-4642 注射液 阿得贝利单 抗注射液 注射用 SHR-1826 注射用 SHR-9839 SHR-8068 注射液 贝伐珠单 抗注射液 剂型 注射剂 申请 事项 临床试验 受理号 CXHL2400761 CXSL2400487 CXSL2400490 CXSL2400491 CXSL2400489 CXSL2400488 审批 结论 根据《中华人民共和国药品管理法》及有关规定，经审查，2024 年 7 月 26 日受理 的 HRS-4642 注射液、阿得贝利单抗注射液、注射用 SHR-1826、注射用 SHR-9839、 SHR-8068 注射液和贝伐珠单抗注射液符合药品注册的有关要求，同意本品开展临床试 验。具体为：一项注射用 SHR-1826 联合其他抗肿瘤治疗在实体瘤患者中的安全性、 耐受性和有效性的多中心、开放的ⅠB/Ⅱ期临床研究。 一、 药品的基本情况 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2024-131 江苏恒瑞医药股份有限公司 关于获得药物临床试 ...

2024国谈第二日开始：信立泰、海思科、恒瑞医药首批进场 糖尿病药物集中出现 财联社10月28日电， 财联社记者在2024年医保目录现场谈判/竞价现场获悉，2024国谈第二日进程于8时许开始，信立泰、海 思科、恒瑞医药携品种首批进场，其中恒瑞医药上午有三款糖尿病药物计划谈判。 财联社记者了解到，昨日作为国谈第一天，恒瑞医药、人福医药、科伦药业等40余家企业累计鏖战超过 8小时，涉及高血压药物、精神类药物、孤儿药等品类。 （财联社记者 何凡 卢阿峰） ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's revenue for the first three quarters of 2024 reached 20.189 billion yuan, a year-on-year increase of 18.67%, while the net profit attributable to shareholders was 4.620 billion yuan, up 32.98% year-on-year. The third quarter alone saw revenue of 6.589 billion yuan, a year-on-year increase of 12.72%, and a net profit of 1.188 billion yuan, which is a slight increase of 1.91% year-on-year [1]. - The report highlights that revenue growth is primarily driven by innovative drugs, while profit growth is slightly below expectations due to increased sales, research and management expenses [1]. - The company is expected to see a gradual recovery from the impact of centralized procurement, with an increasing proportion of revenue coming from innovative drugs, which will support long-term growth [1]. Financial Performance Summary - For the first three quarters of 2024, the sales expense ratio was 30.26%, a decrease of 1.53 percentage points year-on-year, with absolute sales expenses amounting to 6.109 billion yuan, an increase of 12.96% year-on-year. The R&D expense ratio was 22.53%, an increase of 0.63 percentage points year-on-year, with absolute R&D expenses of 4.549 billion yuan, up 22.10% year-on-year [1]. - The company’s net cash flow from operating activities for the first three quarters was 4.585 billion yuan, a year-on-year increase of 6.42% [1]. - The report projects the company's net profit for 2024-2026 to be 6.017 billion yuan, 6.519 billion yuan, and 7.660 billion yuan respectively, with corresponding year-on-year growth rates of 39.9%, 8.3%, and 17.5% [2][1]. Product Development and Market Outlook - The company has received approval for the IL-17A monoclonal antibody and expects to gain approvals for several other innovative drugs in 2024, increasing the number of first-class new drugs to 20 [1]. - The report notes that the company’s internationalization efforts are progressing, with the FDA accepting the BLA for the combination of carrelizumab and apatinib for first-line HCC, with a PDUFA date set for March 23, 2025 [1]. - The company is expected to maintain a stable but slightly declining trend in domestic generic drugs [1].