Hengrui Pharma(600276) 光大证券·2024-10-27 05:13Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 20.19 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 18.7%. The net profit attributable to shareholders was 4.62 billion yuan, up 33.0% year-on-year, and the net profit excluding non-recurring items also increased by 37.4% year-on-year [1][2]. - In Q3 2024, the company reported a revenue of 6.589 billion yuan, a year-on-year increase of 12.7%. However, there was a decline of approximately 1 billion yuan compared to Q2 due to the recognition of 160 million euros in licensing income in Q2. Excluding this impact, Q3 revenue still showed slight growth [2]. - The company continues to invest in innovative drug research and is advancing its internationalization efforts, with several drugs receiving approval from regulatory agencies in China and the U.S. [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 20.19 billion yuan, a year-on-year increase of 18.7%, and a net profit of 4.62 billion yuan, up 33.0% year-on-year [1]. - In Q3 2024, the revenue was 6.589 billion yuan, reflecting a year-on-year growth of 12.7% [2]. - The company’s total expenses for sales, management, and R&D in Q3 were 21.7 billion yuan, 7.0 billion yuan, and 15.1 billion yuan respectively, showing a slight decrease compared to Q2 but a 17.9% increase year-on-year [2]. Innovation and Internationalization - The company is actively pursuing innovative drug development and international expansion, with multiple drugs receiving regulatory approvals for clinical trials or market entry [2][3]. - Notable achievements include the inclusion of ANGPTL3 monoclonal antibody and HR19042 capsules in breakthrough therapy designation by the Chinese FDA, and the approval of a generic version of albumin-bound paclitaxel in the U.S. [2]. Earnings Forecast and Valuation - The company is projected to achieve net profits of 6.023 billion yuan, 7.233 billion yuan, and 8.591 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 52, 43, and 36 [2][3].