Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 57.60 CNY, up from the previous target of 53.55 CNY [2][3] Core Views - The company's performance shows steady growth, with Q1-Q3 2024 revenue reaching 201.89 billion CNY, a YoY increase of 18.67%, and net profit attributable to shareholders reaching 46.20 billion CNY, a YoY increase of 32.98% [5] - The company's innovation-driven strategy is entering a harvest period, with new products such as Ruiweilu'an and Darxili contributing to revenue growth after being included in the national medical insurance catalog [5] - The company's internationalization efforts are accelerating, with key products like camrelizumab and apatinib being resubmitted for FDA approval, and generic drugs like bupivacaine liposome and albumin-bound paclitaxel approved in the US market [5] - R&D investment continues to increase, with Q1-Q3 2024 R&D expenses reaching 45.49 billion CNY, accounting for 22.53% of revenue, while sales and management expense ratios remain well-controlled [5] Financial Performance - The company's Q3 2024 revenue was 65.89 billion CNY, a YoY increase of 12.72%, with net profit attributable to shareholders at 11.88 billion CNY, a YoY increase of 1.91% [5] - The company's EPS forecasts for 2024-2026 have been revised upward to 0.96/1.10/1.30 CNY, compared to the previous forecasts of 0.90/1.08/1.27 CNY [5] - The company's ROE is expected to increase from 10.6% in 2023 to 14.3% by 2026, reflecting improved profitability [10] Market and Valuation - The company's current stock price is 48.00 CNY, with a 52-week price range of 35.95-56.01 CNY [6] - The company's market capitalization is 306.192 billion CNY, with a P/E ratio of 49.97x for 2024E, expected to decrease to 36.88x by 2026E [10] Industry and Product Development - The company's innovation pipeline is robust, with new products like Tazalizumab and Funazumab approved in the anesthesia and autoimmune fields, and the first ADC product SHR-A1811 submitted for NDA [5] - The impact of the 5th and 7th rounds of centralized drug procurement has largely been eliminated, with fewer products affected in future rounds, stabilizing the generic drug business [5]

"医药一哥"变了，这不仅体现在公司的业务结构变化，也体现在公司坚定的走出去步伐。 当然成效也颇为显著，恒瑞医药今年三季报显示公司业绩持续稳健增长，实现营业收入201.89亿元，同 比增长18.67%，归属于上市公司股东的净利润46.20亿元，同比增32.98%，归属于上市公司股东的扣除 非经常性损益的净利润46.16亿元，同比增37.38%。 此外公司坚持创新、国际化双轮驱动战略，员工持股计划"锁定"创新药收入，国际化路线"不拘一格"， 都表明公司正在形成一套自己的发展"新公式"。 申银万国分析认为，恒瑞医药始终将创新和国际化作为自身的战略发展目标，持续坚持高比例研发投 入，创新药成为公司业绩增长主要驱动力，同时BD授权交易为公司贡献了新的利润增长点。公司创新 升级，全球化加速。 业务结构"腾笼换鸟"，"锁定"创新药收入 "医药一哥"业务结构已经发生"质变"。虽然三季报无需披露创新药收入，但据测算在上半年时公司创新 收入在总营收中的占比或已过半。Q3恒瑞医药也在持续推进创新成果转化。 第三季度，公司自主研发的1类新药夫那奇珠单抗注射液上市，用于治疗适合接受系统治疗或光疗的中 重度斑块状银屑病成人患者，该产品是 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [4][5]. Core Insights - The company reported a revenue of 20.189 billion yuan for the first three quarters of 2024, representing an 18.67% year-on-year increase, and a net profit attributable to shareholders of 4.620 billion yuan, up 32.98% year-on-year [4][5]. - The growth in profit was lower than revenue growth primarily due to a low base in sales expense ratio from the previous year, which was impacted by regulatory compliance measures [4][5]. - The company has made significant progress with multiple innovative products, including the approval of its first innovative drug for autoimmune diseases and several new drug applications under review [5]. - The internationalization strategy is advancing, with several generic products approved in the U.S., including a high-barrier generic drug and a first generic drug for a specific formulation [5]. - The company is expected to enter a rapid growth phase in the coming years, driven by domestic sales of innovative drugs and ongoing international expansion [5][6]. Financial Summary - For 2024, the company forecasts total revenue of 26.137 billion yuan, with a year-on-year growth rate of 14.5%, and a net profit of 6.181 billion yuan, reflecting a 43.7% increase [6]. - The projected earnings per share for 2024 is 0.97 yuan, with a gross margin of 85.0% [6]. - The company maintains a high R&D expense ratio of 23% in Q3 2024, indicating a strong commitment to innovation [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company achieved a revenue of 20.189 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 18.67%. The net profit attributable to shareholders reached 4.620 billion yuan, up 32.98% year-on-year [3]. - The company’s innovative drug pipeline is entering a harvest period, with multiple new drug approvals and submissions expected to accelerate revenue growth [3]. - The company is pursuing an overseas expansion strategy, with both self-developed and collaborative products making significant progress [3]. - An employee stock ownership plan was introduced, reflecting the company's commitment to innovation and confidence in future growth [3]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 27.066 billion yuan, 30.686 billion yuan, and 36.406 billion yuan, respectively, with corresponding net profits of 6.104 billion yuan, 6.674 billion yuan, and 8.059 billion yuan [3][4]. Financial Summary - For 2024, the company is expected to achieve a revenue of 27.066 billion yuan, a growth rate of 18.6% [4]. - The net profit attributable to shareholders for 2024 is forecasted to be 6.104 billion yuan, reflecting a growth rate of 41.9% [4]. - The earnings per share (EPS) for 2024 is projected at 0.96 yuan, with a price-to-earnings (PE) ratio of 50 [4][6]. - The company’s gross margin is expected to be 85.94% in 2024, indicating strong profitability [6].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 20.19 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 18.7%. The net profit attributable to shareholders was 4.62 billion yuan, up 33.0% year-on-year, and the net profit excluding non-recurring items also increased by 37.4% year-on-year [1][2]. - In Q3 2024, the company reported a revenue of 6.589 billion yuan, a year-on-year increase of 12.7%. However, there was a decline of approximately 1 billion yuan compared to Q2 due to the recognition of 160 million euros in licensing income in Q2. Excluding this impact, Q3 revenue still showed slight growth [2]. - The company continues to invest in innovative drug research and is advancing its internationalization efforts, with several drugs receiving approval from regulatory agencies in China and the U.S. [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 20.19 billion yuan, a year-on-year increase of 18.7%, and a net profit of 4.62 billion yuan, up 33.0% year-on-year [1]. - In Q3 2024, the revenue was 6.589 billion yuan, reflecting a year-on-year growth of 12.7% [2]. - The company’s total expenses for sales, management, and R&D in Q3 were 21.7 billion yuan, 7.0 billion yuan, and 15.1 billion yuan respectively, showing a slight decrease compared to Q2 but a 17.9% increase year-on-year [2]. Innovation and Internationalization - The company is actively pursuing innovative drug development and international expansion, with multiple drugs receiving regulatory approvals for clinical trials or market entry [2][3]. - Notable achievements include the inclusion of ANGPTL3 monoclonal antibody and HR19042 capsules in breakthrough therapy designation by the Chinese FDA, and the approval of a generic version of albumin-bound paclitaxel in the U.S. [2]. Earnings Forecast and Valuation - The company is projected to achieve net profits of 6.023 billion yuan, 7.233 billion yuan, and 8.591 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 52, 43, and 36 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.2 CNY based on a 58 times price-to-earnings ratio for 2024 [4]. Core Insights - The company achieved a revenue of 20.189 billion CNY in the first three quarters of 2024, representing a year-on-year increase of 18.67%, and a net profit attributable to the parent company of 4.62 billion CNY, up 32.98% year-on-year [1]. - The company continues to see strong growth in its innovative drug pipeline, with R&D expenses increasing by 22.1% year-on-year to 4.549 billion CNY in the first three quarters of 2024 [1]. - The internationalization of the company's products is progressing well, with several innovative drugs receiving FDA acceptance, indicating a potential second growth curve for the company [1]. Financial Performance - The company reported a revenue of 6.589 billion CNY in Q3 2024, a year-on-year increase of 12.72%, and a net profit of 1.188 billion CNY, up 1.91% year-on-year [1]. - The revenue forecast for 2024 is 26.404 billion CNY, with expected growth rates of 15.7% in 2024, 17.3% in 2025, and 16.4% in 2026 [3]. - The net profit attributable to the parent company is projected to reach 5.715 billion CNY in 2024, with a growth rate of 32.8% [3]. R&D and Innovation - The proportion of revenue from innovative drugs has increased from 40.5% in 2022 to 48.6% in the first half of 2024, reflecting the successful transformation of R&D investments into revenue [1]. - Multiple innovative drugs and new indications have received acceptance for listing applications in Q3, including treatments for various cancers and severe conditions [1]. International Expansion - The company has successfully obtained FDA approval for several products, including injectable paclitaxel, marking significant progress in its internationalization efforts [1]. - The company has recognized income from licensing agreements, including a 160 million Euro upfront payment from Merck Healthcare for a PARP1 inhibitor [1].

财联社财经通讯社打开APP16:45:02【恒瑞医药：子公司获得HRS-9563注射液药物临床试验批准通知 书】财联社10月25日电，恒瑞医药公告，子公司福建盛迪医药有限公司收到国家药监局关于HRS-9563 注射液的《药物临床试验批准通知书》，将开展治疗高血压的临床试验。 恒瑞医药-1.38%A股公告速递查看公告原文财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-25 16:45:0211481 阅读商务合作发送 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2024-130 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司福建盛迪医 药有限公司收到国家药品监督管理局（以下简称"国家药监局"）核准签发关于 HRS-9563 注射液的《药物临床试验批准通知书》，将于近期开展临床试验。现 将相关情况公告如下： 一、 药物的基本情况 药物名称：HRS-9563 注射液 剂 型：注射剂 申请事项：临床试验 受 理 号：CXHL2400746 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 22 日受理的 HRS-9563 注射液临床试验申请符合药品注册的有关要求，同 意本品开展治疗高血压的临床试验。 二、药物的其他情况 HRS-9563 注射液拟用于高血压的治疗。经查询，国内外暂无同类产品获批 上市。截至目前，HRS-9563 注射液相关项目累计已投入研发费用约为 4,280 万 ...

恒瑞医药的研发费用保持两位数增长，今年前三季度，研发费用达45.49亿元，同比增长22%。 针对市场传出的恒瑞医药（600276.SH）拟在中国香港进行上市融资消息，10月24日傍晚，该公司发布 公告进行了回应。 市场传闻称，恒瑞医药正考虑在中国香港上市，计划至少募资20亿美元，并正在与投资银行商讨潜在的 IPO事宜，预计最快可能在明年进行。 恒瑞医药表示，公司作为一家专注研发、生产及推广高品质药物的创新型国际化制药企业，聚焦抗肿 瘤、代谢性疾病、自身免疫疾病、呼吸系统疾病、神经系统疾病等领域进行新药研发。 近年来，在科技创新和国际化发展战略驱动下，公司稳步推进国际化进程。 为进一步深化公司战略发展目标，公司近期对境外资本市场融资等事项开展了研究咨询等前期工作。 截至目前，公司就相关事项尚未确定具体方案。 与此同时，恒瑞医药也发布了三季报业绩。 今年前三季度，公司实现营业收入201.89亿元，同比增18.67%；归属于上市公司股东的净利润46.20亿 元，同比增32.98%。 业绩增长背后，公司获得对外许可收入，是助推因素之一。 如今年5月，恒瑞医药将具有自主知识产权的GLP-1类创新药产品组合许可给一家美国 ...

证券代码：600276 证券简称：恒瑞医药 公告编号：临 2024-127 江苏恒瑞医药股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 江苏恒瑞医药股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日发布 公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营成果、财务状况，公司计划于 2024 年 11 月 1 日下午 16:00-17:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 五、联系人及咨询办法 会议召开时间：2024 年 11 月 1 日下午 16:00-17:00 会议内容：恒瑞医药 2024 年第三季度业绩说明会 会议时间：2024 年 11 月 1 ...