Hengrui Pharma(SH:600276) Sou Hu Cai Jing·2025-03-31 02:25Core Viewpoint - The performance of innovative drug leader Heng Rui Pharmaceutical has exceeded expectations, with significant revenue and profit growth in 2024, driven by innovative drug sales and favorable policy adjustments in the pharmaceutical sector [1]. Group 1: Company Performance - Heng Rui Pharmaceutical reported a revenue of 27.985 billion yuan in 2024, a year-on-year increase of 22.63% [1]. - The net profit attributable to shareholders reached 6.337 billion yuan, up 47.28% year-on-year [1]. - The net profit excluding non-recurring items was 6.178 billion yuan, reflecting a 49.18% increase compared to the previous year [1]. - Sales revenue from innovative drugs amounted to 13.892 billion yuan, a 30.60% increase year-on-year, accounting for over 50% of total sales revenue [1]. Group 2: Industry Trends - The government work report emphasized optimizing drug and consumable procurement policies to support the development of innovative drugs and medical devices [1]. - Recent proposals for optimizing national drug procurement policies focus on limiting the scope to off-patent drugs, creating development space for innovative and first-generic drugs [1]. - Adjustments in procurement policies are expected to lead to a valuation recovery in the pharmaceutical sector, particularly in the innovative drug segment [1]. Group 3: Investment Opportunities - The innovative drug ETF (517110) has outperformed the CITIC Pharmaceutical Industry Index by 17% over the past year, indicating strong market interest [1]. - The integration of AI technology is providing significant valuation space and volatility for the innovative drug sector, suggesting potential profit and valuation increases [1]. - Investors are encouraged to explore related investment opportunities in the innovative drug sector, particularly through the innovative drug ETF [2].