恒瑞医药：创新药高速增长，授权收入贡献业绩

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 13.601 billion yuan for the first half of 2024, representing a year-on-year growth of 21.78%. The net profit attributable to shareholders was 3.432 billion yuan, up 48.67%, while the net profit excluding non-recurring items was 3.490 billion yuan, reflecting a growth of 55.58% [10] - The rapid growth of innovative drugs and licensing income has become a new performance driver for the company. As of June 2024, the company had 14 self-developed innovative drugs and 2 introduced innovative drugs on the market. Revenue from innovative drugs reached 6.612 billion yuan, a year-on-year increase of 33% [10] - The company has a rich pipeline of innovative drugs under development, with 14 NDA applications and 12 clinical trials in Phase III as of the end of 2023. The company expects to receive approvals for major products in the second half of the year, including a JAK1 inhibitor and an IL-17A antibody [10] - The company is projected to achieve revenues of 27.105 billion yuan, 30.971 billion yuan, and 35.072 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 18.78%, 14.26%, and 13.24% [10] Financial Summary - For the year 2024, the company is expected to have a net profit of 5.528 billion yuan, with a year-on-year growth of 28.48%. The EPS is projected to be 0.87 yuan per share [10] - The company's EBITDA is forecasted to be 6.793 billion yuan in 2024, with a growth rate of 37.37% [12] - The company’s asset-liability ratio is 10.37%, indicating a strong financial position [7]