Hengrui Pharma(SH:600276) Xin Lang Cai Jing·2025-04-13 06:23Core Viewpoints - In 2024, the company achieved operating revenue of 27.985 billion yuan (+22.63%) and a net profit attributable to shareholders of 6.337 billion yuan (+47.28%) [1] - The revenue from innovative drugs showed steady growth, while revenue from generic drugs experienced a slight decline [2] - The company received significant upfront payments from licensing agreements, contributing to its revenue [2] Revenue Breakdown - Innovative drug revenue reached 13.892 billion yuan (+30.60%), with two Class 1 innovative drugs launched [2] - Revenue from oncology products was 14.587 billion yuan (+19.39%), neuroscience products 4.289 billion yuan (+1.99%), and cardiovascular products 1.748 billion yuan (+61.65%) [2] - Revenue from other products decreased significantly by 39.83% [2] R&D Progress - The company had 8 listing applications accepted by NMPA and made progress in clinical trials with 24 projects in Phase III and 27 in Phase II [3] - R&D expenses increased to 6.583 billion yuan (+32.88%), accounting for 23.5% of total revenue [3] - The overall gross margin was 86.25% (+1.70 percentage points), and the net profit margin was 22.64% (+3.79 percentage points) [3] Profit Forecast and Investment Recommendation - Projected revenues for 2025, 2026, and 2027 are 31.0 billion yuan, 35.32 billion yuan, and 39.85 billion yuan, respectively, with year-on-year growth rates of 10.8%, 13.9%, and 12.8% [4] - The company is rated as a "buy" due to its leading position in the innovative pharmaceutical industry and the potential of several products to become blockbuster drugs [4]