恒瑞医药24年三季报点评：创新成果持续兑现，国际化进程积极推进

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.2 CNY based on a 58 times price-to-earnings ratio for 2024 [4]. Core Insights - The company achieved a revenue of 20.189 billion CNY in the first three quarters of 2024, representing a year-on-year increase of 18.67%, and a net profit attributable to the parent company of 4.62 billion CNY, up 32.98% year-on-year [1]. - The company continues to see strong growth in its innovative drug pipeline, with R&D expenses increasing by 22.1% year-on-year to 4.549 billion CNY in the first three quarters of 2024 [1]. - The internationalization of the company's products is progressing well, with several innovative drugs receiving FDA acceptance, indicating a potential second growth curve for the company [1]. Financial Performance - The company reported a revenue of 6.589 billion CNY in Q3 2024, a year-on-year increase of 12.72%, and a net profit of 1.188 billion CNY, up 1.91% year-on-year [1]. - The revenue forecast for 2024 is 26.404 billion CNY, with expected growth rates of 15.7% in 2024, 17.3% in 2025, and 16.4% in 2026 [3]. - The net profit attributable to the parent company is projected to reach 5.715 billion CNY in 2024, with a growth rate of 32.8% [3]. R&D and Innovation - The proportion of revenue from innovative drugs has increased from 40.5% in 2022 to 48.6% in the first half of 2024, reflecting the successful transformation of R&D investments into revenue [1]. - Multiple innovative drugs and new indications have received acceptance for listing applications in Q3, including treatments for various cancers and severe conditions [1]. International Expansion - The company has successfully obtained FDA approval for several products, including injectable paclitaxel, marking significant progress in its internationalization efforts [1]. - The company has recognized income from licensing agreements, including a 160 million Euro upfront payment from Merck Healthcare for a PARP1 inhibitor [1].