恒瑞医药能打新吗？

Core Viewpoint - 恒瑞医药 is a leading innovative pharmaceutical company in China, recently launched its IPO in Hong Kong, and is compared to other industry leaders like 宁德时代. The stock's pricing and foreign investment interest are under scrutiny, with a notable discount compared to its A-share price. Group 1: Company Overview - 恒瑞医药 has a market capitalization of 342.5 billion RMB and is recognized as a major player in the innovative drug sector [1] - The company has over 110 commercialized drugs, including 19 new molecular entity innovative drugs, and a pipeline of over 90 candidate new molecular entities [7] - In 2024, 52% of 恒瑞医药's revenue is expected to come from oncology drugs, with 15% from neuroscience [8] Group 2: Financial Performance - In 2024, 恒瑞医药's revenue is projected to reach 28 billion RMB, a year-on-year increase of 22.6%, with a net profit of 6.3 billion RMB, up 47% [9] - For Q1 2023, the company reported revenue of 7.2 billion RMB, a 20% increase year-on-year, and a net profit of 1.87 billion RMB, up 37% [11] - The revenue from innovative drugs increased from 38.1% in 2022 to 43.4% in 2023, and is expected to reach 46.3% in 2024 [13] Group 3: IPO Details - 恒瑞医药's IPO pricing range is set between 41.45 and 44.05 HKD, with a median price reflecting a 20.4% discount compared to its A-share price [3] - The subscription rate for the IPO is currently at 3.5 times, indicating moderate interest [5] - The company has engaged in 14 licensing transactions since 2018, generating approximately 14 billion USD in total transaction value, with 2.7 billion RMB expected from licensing in 2024 [15] Group 4: Market Position and Comparisons - Compared to 宁德时代, 恒瑞医药 has a lower foreign investment interest, with only 6% of its shares held by foreign investors as of Q1 2023 [1] - The discount on 恒瑞医药's IPO is higher than that of other innovative drug companies, such as 药明康德, which has a discount of only 4.2% [19] - The company’s P/E ratio is high at 50 times, and its P/S ratio is 11.7 times, indicating a premium valuation compared to peers [19]