[Table_Main] 证券研究报告 | 公司点评 恒瑞医药(600276.SH) 2024年04月21日 恒瑞医药(600276.SH)：业绩符 买入（维持） 所属行业：医药生物/化学制药 合预期，第二成长曲线明确 当前价格(元)：41.68 投资要点 证券分析师 李霁阳 2023年业绩：2023年全年，公司实现营业收入228.20亿元，同比增长7.26%；  资格编号：S0120523080003 归母净利润43.02亿元，同比增长10.14%；扣非归母净利润41.41亿元，同比增 邮箱：lijy7＠tebon.com.cn 长 21.46%。2023 年公司累计研发投入 61.50 亿元，其中费用化研发投入 49.54 陈进 亿元。2024 第一季度，公司实现营收 59.98 亿元，同比增长 9.2%，实现归母净 资格编号：S0120521110001 利润13.69亿元，同比增长10.48%。 邮箱：chenjing3＠tebon.com.cn 创新价值凸显，驱动收入增长：2023 年公司创新药收入达 106.37 亿元，实现了  同比 22.1%的增长。2023 年公司 3 款 1 类创新药（ ...

[Table_StockInfo] 买入 2024年 04月 18日 （维持） 证券研究报告•2023年报及2024年一季报点评 当前价： 44.39元 恒瑞医药（600276） 医药生物 目标价： ——元（6个月） 创新药收入快速增长，持续加强源头创新 投资要点 西南证券研究发展中心 [T a事ble件_：Su公m司m发ary布] 2023年报和 2024一季报，2023年实现营业收入 228.20亿元 (+7.26%)，归属于上市公司股东的净利润为43.02亿元(+10.14%)，扣非后归属 [分Ta析bl师e_：Au杜th向or阳] 于上市公司股东净利润为 41.41 亿元(+21.46%)。2024 年一季度实现营业收入 执业证号：S1250520030002 59.98亿元（+9.2%），归属于上市公司股东的净利润为13.69亿元（+10.48%）， 电话：021-68416017 扣非后归属于上市公司股东净利润为14.4亿元（+18.06%）。 邮箱：duxy@swsc.com.cn  业绩和盈利能力稳步提升。2023 年公司业绩保持稳健增长，毛利率 84.55% （+0.94pp）；净利率1 ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[恒ITnaf 瑞bol]e 医_Ti药tle]( 600276) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩稳健增长，创新成果加速落地 目标价格： 53.82 上次预测： 53.82 公 ——恒瑞医药2023 年年报&2024 年一季报点评 当前价格： 42.35 司 丁丹(分析师) 甘坛焕(分析师) 姜铸轩(研究助理) 2024.04.19 更 0755-23976735 021-38675855 021-38674878 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com gantanhuan028803@gtjas.com jiangzhuxuan029022@gtjas.com 证书编号 S0880514030001 S0880523080007 S0880123100004 52周内股价区间（元） 35.95-49.28 报 总市值（百万元） 270,151 告 本报告导读： 总股本/流通A股（百万股） 6,379/6,374 公司业绩稳健增长，利润 ...

医药生物 | 证券研究报告 — 调整盈利预测 2024年4月18日 600276.SH 恒瑞医药 买入 业绩端稳定增长，快速推进创新成果落地 原评级：买入 市场价格:人民币 44.39 公司发布2023年报和2024一季报，业绩保持稳定增长。公司继续加大研发投入，创 板块评级:强于大市 新性产品频出，研发管线进展加速，有望驱动未来收入端稳步增长。维持买入评级。 支撑评级的要点 ◼ 多重负增长因素影响下，业绩维持稳定增长。2023 年公司实现营业收入 228.20 股价表现 亿元，同比增长 7.26%；实现归母净利润43.02 亿元，同比增长10.14%；实现扣 非归母净利润 41.41 亿元，同比增长 21.46%。2024Q1公司实现营业收入 59.98 1% 亿元，同比增长 9.20%；实现归母净利润13.69 亿元，同比增长10.48%；实现扣 (4%) 非归母净利润 14.40 亿元，同比增长 18.06%。虽然存在医疗反腐、产品降价及 (10%) 创新产品准入难等负增长因素，公司业绩端仍保持较稳定增长。 (15%) ◼ 持续加大创新力度，创新成果持续获批，推动公司创新转型。公司在研发端维持 (21% ...

Financial Performance - Revenue in 2023 reached RMB 22.82 billion, a year-on-year increase of 7.26%[16] - Net profit attributable to shareholders of the listed company in 2023 was RMB 4.30 billion, up 10.14% year-on-year[16] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses in 2023 was RMB 4.14 billion, a year-on-year increase of 21.46%[16] - Operating cash flow in 2023 surged to RMB 7.64 billion, a 504.12% increase compared to the previous year[16] - Basic earnings per share in 2023 were RMB 0.68, an increase of 11.48% compared to the previous year[17] - Weighted average return on equity in 2023 was 10.99%, an increase of 0.10 percentage points compared to the previous year[17] - Net cash flow from operating activities surged by 504.12% to 7,643,665,074.52 yuan in 2023[160] - Net cash flow from investing activities increased by 213.18% to RMB 1.22 billion, primarily due to the recovery of bank financial products and structured deposits[150] - Net cash flow from financing activities decreased by 886.42% to RMB -3.14 billion, mainly due to the repayment of accounts receivable factoring financing[150] - The oncology segment generated RMB 12.22 billion in revenue, a 7.99% increase year-over-year, with a gross margin of 91.82%[151] - Domestic sales accounted for RMB 21.76 billion, a 6.49% increase year-over-year, with a gross margin of 85.53%[151] - International sales declined by 20.83% to RMB 616.92 million, with a gross margin increase of 7.57 percentage points[151] - The company's total R&D investment in 2023 was 6,150,007,119.05 yuan, accounting for 26.95% of total revenue, with 19.45% of R&D investment being capitalized[159] - The company's sales expenses increased by 3.12% to 7,577,175,913.92 yuan in 2023 compared to the previous year[158] - The company's monetary funds increased by 37.29% to 20,746,104,943.19 yuan, accounting for 47.38% of total assets[163] - The company's top five customers contributed 222,332.29 million yuan in sales, accounting for 9.74% of total annual sales[157] - The company's top five suppliers accounted for 29.20% of total annual procurement, amounting to 95,712.47 million yuan[157] - The company's raw material and packaging costs for anti-tumor products decreased by 8.92% to 558,023,804.33 yuan in 2023[155] - The company's development expenditure increased by 48.27% to 2,492,549,260.85 yuan in 2023[163] - The company's R&D investment in 2023 reached 6.15 billion yuan, accounting for 26.95% of sales revenue, supporting project development and innovation[170] - The oncology treatment segment achieved revenue of 12.22 billion yuan, with a gross margin of 91.82%, an increase of 1.63 percentage points year-over-year[169] - The analgesic and anesthesia segment generated revenue of 3.74 billion yuan, with a gross margin of 85.22%, up 1.68 percentage points year-over-year[169] - The contrast agent segment reported revenue of 2.74 billion yuan, with a gross margin of 61.14%, a decrease of 4.38 percentage points year-over-year[169] Dividend and Shareholder Information - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (tax included) to all shareholders, based on the share capital on the dividend record date (excluding shares held in the company's repurchase account)[3] Corporate Governance and Compliance - The company has no instances of non-operational fund occupation by controlling shareholders or related parties, nor any violations in external guarantee decision-making processes[4] - The company is committed to strict compliance and high-quality standards, ensuring the safety and efficacy of its products[118] R&D and Innovation - R&D investment in 2023 totaled RMB 6.15 billion, with RMB 4.95 billion expensed[24] - Revenue from innovative drugs in 2023 reached RMB 10.64 billion (including tax, excluding external licensing income), a year-on-year increase of 22.1%[24] - Three Class 1 innovative drugs and four Class 2 new drugs were approved for marketing in 2023[24] - By the end of 2023, the company had 15 Class 1 innovative drugs and 4 Class 2 new drugs approved for marketing in China[24] - The company has detailed risks related to R&D innovation and industry policies in its 2023 annual report, urging investors to review the management discussion and analysis section[5] - The company has over 50 innovative oncology products in clinical trials, focusing on extending the 5-year survival rate of cancer patients in China[115] - The company has a comprehensive R&D platform covering multiple therapeutic areas, including oncology, autoimmune diseases, and metabolic diseases[119] - The company employs a differentiated R&D strategy, utilizing a fully electronic R&D project management platform that covers the entire drug development lifecycle[121] - The company is actively engaged in real-world studies to generate more evidence-based medical data, leveraging the low cost and broad scope of such studies[115] - The company is focusing on early-stage target discovery and source innovation to accelerate the development of differentiated cancer treatments[115] - The company has established a comprehensive R&D process focusing on unmet clinical needs, exploring international frontiers, and selecting high-potential drug targets with First-in-class/Best-in-class potential[122] - The company has a rigorous clinical trial process divided into Phase I, II, and III, with Phase I focusing on safety, Phase II on efficacy and safety, and Phase III on confirming therapeutic effects and safety[123] - The company has established a high-throughput, automated antibody sequence analysis and modification platform, enabling iterative optimization of antibody sequences[136] - The company has developed a new HART-IgG platform on top of the existing Hot-Ig bispecific antibody platform, enabling more diverse drug functionalities[136] - The company's translational medicine team supports target selection, early discovery, drug combination, indication exploration, clinical biomarker exploration, companion diagnostic development, and post-marketing drug resistance mechanism research[138] - The company has established a series of in vitro and in vivo experimental systems, including cell biology, molecular biology, immunology, in vivo efficacy, IHC, bioinformatics, and bioanalysis platforms[137] - The company has optimized and extended its antibody screening platforms, including hybridoma, phage display, yeast display, and single B-cell cloning, and established a new nanobody immune library[136] - The company has strengthened its antibody engineering platform, accumulating experience in independently optimized screening schemes to meet internal antibody screening needs[136] - The company has successfully advanced 11 novel and differentiated ADC molecules into clinical trials, with HER2 ADC product SHR-A1811 and TROP2 ADC product SHR-A1921 rapidly progressing to Phase III clinical studies[140] - Two PROTAC molecules are currently in clinical research stages, and the PD-L1/TGFβ fusion protein drug SHR-1701 is advancing multiple Phase III clinical studies[140] - The company has developed a high-throughput single B-cell sequencing antibody discovery platform, which offers advantages in screening cycles and antibody sequence diversity[142] - The HOT-Ig platform, a proprietary bispecific antibody technology, has one molecule in clinical research and two molecules in IND development[142] - The ADC platform has multiple molecules in preclinical and clinical development, with two novel bispecific ADC projects entering IND research stages[142] - The NK cell therapy platform is being developed with Fc modifications and novel NK agonist screening to create NK cell engagers (NKCE) for new bispecific/trispecific NK cell therapies[143] - The high-throughput display platform features a fully human phage library and semi-synthetic library with a capacity of hundreds of billions, used for high-throughput antibody screening[143] - The PROTAC platform has two projects in clinical research and multiple projects covering various solid and hematologic tumors, exploring undruggable targets[143] - The AI molecular design platform combines CADD and AIDD technologies for small molecule drug discovery and optimization, and uses AI for antibody discovery and optimization[143] - The bioinformatics platform integrates multi-omics data (genomics, transcriptomics, proteomics, single-cell transcriptomics, spatial transcriptomics) for target discovery and biomarker identification[144] Clinical Trials and Drug Approvals - Newly approved innovative drug Adebelizumab significantly improved overall survival and contributed to rapid revenue growth[25] - Three innovative drugs, including Ruweiluamine, Darxili, and Henggeliezin, were included in the national medical insurance catalog with an average price reduction of 65%, expanding revenue contribution[25] - Sales of generic drugs decreased by CNY 702 million and CNY 911 million due to the impact of centralized procurement[25] - Camrelizumab combined with chemotherapy for advanced NSCLC achieved a 5-year OS rate of 31.2%, significantly higher than the chemotherapy group's 19.3%[28] - Adebelizumab combined with chemotherapy for ES-SCLC achieved a median OS of 15.3 months and a 3-year OS rate of 21.1%, reducing the risk of death by 27%[28] - The company published 119 significant research results in top international journals, with a cumulative impact factor of 1393.45[29] - Pyrotinib combined with trastuzumab and docetaxel for HER2-positive advanced breast cancer achieved a median PFS of 24.3 months, with an impact factor of 105.7[29] - Camrelizumab combined with apatinib for advanced hepatocellular carcinoma achieved a median OS of 22.1 months, the longest among published data for first-line treatments[29] - The company has 11 novel and differentiated ADC molecules approved for clinical trials, with the anti-HER2 ADC product SHR-A1811 showing competitive data in a global Phase I study for advanced solid tumors[31] - The company's KRAS G12D inhibitor, the first lipid-based KRAS G12D inhibitor globally, successfully entered Phase I clinical trials and was selected for an oral presentation at the 2023 ESMO Congress[31] - In 2023, the company received approval for 7 innovative drug production licenses, 5 improved new drug production licenses, and 4 generic drug production licenses[32] - The company submitted 246 domestic patent applications and 79 international PCT applications, with 99 domestic and 76 foreign patents granted in 2023[33] - The company secured 5 external licensing deals totaling over $4 billion USD in 2023[34] - The company's first international multicenter Phase III study for camrelizumab combined with apatinib in advanced liver cancer met its primary endpoint, with the BLA submitted to the US FDA and a target review date of May 31, 2024[35] - The company presented 57 studies on 8 anti-tumor innovative drugs at the 2023 ASCO Annual Meeting, including 2 oral presentations and 3 poster discussions[36] - At the 2023 ESMO Congress, the company had 35 research results from 13 anti-tumor innovative drugs, including 2 selected for preferred oral presentations and 5 for short oral presentations[36] - The company passed a total of 42 official inspections by domestic and international regulatory authorities, including the US FDA, across its subsidiaries[37] - The company introduced over 600 core talents in 2023, including more than 150 with doctoral degrees[40] - The company's "Double Ai" combination (camrelizumab + apatinib) for first-line treatment of unresectable hepatocellular carcinoma was published in *The Lancet* with an impact factor of 168.9[41] - The company's camrelizumab + chemotherapy for first-line treatment of advanced esophageal squamous cell carcinoma was published in *JAMA* with an impact factor of 120.7[41] - The company's pyrotinib + trastuzumab + docetaxel for first-line treatment of HER2+ metastatic breast cancer was published in *BMJ* with an impact factor of 105.7[41] - The company's dalpiciclib + fulvestrant for HR+/HER2- advanced breast cancer was published in *Nature Medicine* with an impact factor of 82.9[42] - The company's adebrelimab + chemotherapy for first-line treatment of extensive-stage small cell lung cancer was published in *The Lancet Oncology* with an impact factor of 51.1[41] - The company's fluzoparib for maintenance treatment of platinum-sensitive recurrent ovarian cancer was published in *Journal of Clinical Oncology* with an impact factor of 45.3[41] - SHR-A1811, a HER2 ADC, is in Phase III clinical trials for HER2-positive breast cancer adjuvant therapy, HER2-low recurrent/metastatic breast cancer, and HER2-positive recurrent/metastatic breast cancer with or without pertuzumab[45] - SHR-A1811 is also in Phase III clinical trials for HER2-positive advanced gastric or gastroesophageal junction cancer after first-line anti-HER2 treatment failure[46] - SHR-1819, an IL-4Rα inhibitor, is in Phase II clinical trials for atopic dermatitis and moderate-to-severe chronic rhinosinusitis with nasal polyps[46] - SHR-1918, an ANGPTL3 inhibitor, is in Phase II clinical trials for hyperlipidemia with poor lipid control and homozygous familial hypercholesterolemia[46] - HRS-5965, a Factor B inhibitor, is in Phase II clinical trials for IgA nephropathy[46] - SHR-1905, an anti-TSLP antibody, is in Phase II clinical trials for chronic rhinosinusitis with nasal polyps[46] - SHR-2010, a MASP-2 inhibitor, is in Phase II clinical trials for IgA nephropathy[46] - SHR-1906, a CTGF inhibitor, is in Phase II clinical trials for idiopathic pulmonary fibrosis[46] - Adebelimab (PD-L1) is in Phase II clinical trials in combination with SHR-A1921 (TROP2 ADC) for advanced solid tumors[46] - Adebelimab is also in Phase II clinical trials in combination with neoadjuvant chemotherapy for locally advanced resectable esophageal squamous cell carcinoma[46] - SHR-A1811 is being developed as a HER2 ADC for various indications including HER2-positive advanced solid tumors, HER2-low advanced breast cancer, and HER2-expressing gynecological malignancies, both as monotherapy and in combination with other treatments[47] - SHR-2009, a HER3 ADC, is being tested in combination with SHR-A1811 and HRS-8080 for ER-positive unresectable or metastatic breast cancer, and in combination with SHR-8068 or bevacizumab for advanced solid tumors[47] - HRS-8080, a SERD, is being evaluated in combination with SHR-A1811 and SHR-2009 for ER-positive unresectable or metastatic breast cancer, and with dalpiciclib for ER-positive, HER2-negative unresectable or metastatic breast cancer[47] - SHR-8068, a CTLA-4 inhibitor, is being studied in combination with SHR-A1811 and adebrelimab for HER2-abnormal advanced solid tumors, and with SHR-2009 for advanced solid tumors[47] - Adebrelimab, a PD-L1 inhibitor, is being tested in combination with SHR-2002 and bevacizumab, and with SHR-8068 and bevacizumab for advanced solid tumors[48] - SHR-2002, a PVRIG-TIGIT inhibitor, is being evaluated as monotherapy or in combination with adebrelimab for advanced malignancies[48] - HRS-9815 and HRS-4357, both PSMA-targeting radiopharmaceuticals, are being developed for prostate cancer diagnosis and metastatic castration-resistant prostate cancer, respectively[48] - SHR-3167 is being developed as a monotherapy for diabetes[48] - HRS-5041, an AR-PROTAC, is being tested as a monotherapy for metastatic castration-resistant prostate cancer[48] - SHR-2017 is entering Phase I clinical trials for the prevention of bone-related events in solid tumor bone metastases and multiple myeloma[48] - Camrelizumab (carrelizumab) has 9 approved indications, with 20 clinical study results presented at international academic conferences, and 275 papers published in international journals with a cumulative impact factor of 2640.184[52] - Camrelizumab combined with apatinib for advanced liver cancer achieved an objective response rate (ORR) of 65.5% and a disease control rate (DCR) of 86.2%, with a median progression-free survival (mPFS) of 10.4 months[52] - Camrelizumab combined with famitinib showed an ORR of 41.0% vs 24.1% compared to camrelizumab monotherapy in recurrent or metastatic cervical cancer, with a median PFS of 8.1 months[53] - Camrelizumab combined with chemotherapy for advanced non-squamous non-small cell lung cancer (NSCLC) achieved a 5-year overall survival (OS) rate of 31.2%, significantly higher than the 19.3% in the chemotherapy group[54] - Camrelizumab combined with chemotherapy for advanced squamous NSCLC showed a 4-year OS rate of 33.9%, nearly 20% higher than the 14.3% in the chemotherapy group[54] - Camrelizumab combined with apatinib for advanced liver cancer received FDA BLA acceptance in July 2023[52] - Camrelizumab combined with famitinib for recurrent or metastatic cervical cancer had its new drug application accepted by CDE in December 2023[52] - Camrelizumab's receptor occupancy rate remained above 95% on day 22 post-administration, with a relatively short half-life to reduce immune-related adverse effects[52] - Camrelizumab's CARES310 study on advanced liver cancer was published in The Lancet with an impact factor of 168.9, the highest among all domestic PD-1 products[52] - Camrelizumab's NACI study on locally advanced cervical cancer showed an ORR of 98% and a pathological complete response (pCR) rate of 38% in the full analysis set (FAS) population[53] - Pyrotinib significantly improved median PFS (22.0 months vs 6.9 months) and median OS (59.9 months vs 31.2 months) compared to lapatinib in HER2

2024年第一季度报告 证券代码：600276 证券简称：恒瑞医药 江苏恒瑞医药股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 ...

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恒瑞这几年过得颇不宁静。 从2021年起，公司持续多年的营收高增长戛然而止，并在2021年及2022年分别录得-6.59%及-17.87%的营收下滑。与此同时，恒瑞的股价也出 现了大幅下跌，在一年半的时间里从最高位96.91元（前复权价格）一度跌到了26.68元（前复权价格），跌幅高达72.47%。众多恒瑞的追捧者 都出现了惨重的损失。 很多人把恒瑞的业绩下滑、股价重挫归因于集采的影响，以至于公司的创始人孙飘扬不得不再度出山，以求挽救公司的危急局面。 但我们认为，国内的创新药环境已经出现了深刻的变化，而恒瑞也难以再现当年之勇。 #01政策压力增大 恒瑞面临的政策压力主要是来自两方面，一是集采的压力，二是国家药监局药审中心（CDE）最新发布的以临床价值为导向的创新药指导原 则。集采打击了恒瑞原有的仿制药业务，新的创新药指导原则又给创新药提出了更高的要求，来自政策层面的压力使得恒瑞的增长开始放缓。 1）来自集采的冲击 作为一家从仿制药向创新药转型的药企来说，集采会对恒瑞原有的仿制药业务造成冲击，这将进一步影响到上市公司的业绩和股价表现。恒瑞 医药2021年6月之后的大幅下跌就是集采导致的。 在当年6月完成的第五批 ...

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2023年第三季度报告 证券代码：600276 证券简称：恒瑞医药 江苏恒瑞医药股份有限公司 2023 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 ...