Hengrui Pharma(SH:600276) Minsheng Securities·2024-10-27 06:41Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company achieved a revenue of 20.189 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 18.67%. The net profit attributable to shareholders reached 4.620 billion yuan, up 32.98% year-on-year [3]. - The company’s innovative drug pipeline is entering a harvest period, with multiple new drug approvals and submissions expected to accelerate revenue growth [3]. - The company is pursuing an overseas expansion strategy, with both self-developed and collaborative products making significant progress [3]. - An employee stock ownership plan was introduced, reflecting the company's commitment to innovation and confidence in future growth [3]. - Revenue forecasts for 2024, 2025, and 2026 are projected at 27.066 billion yuan, 30.686 billion yuan, and 36.406 billion yuan, respectively, with corresponding net profits of 6.104 billion yuan, 6.674 billion yuan, and 8.059 billion yuan [3][4]. Financial Summary - For 2024, the company is expected to achieve a revenue of 27.066 billion yuan, a growth rate of 18.6% [4]. - The net profit attributable to shareholders for 2024 is forecasted to be 6.104 billion yuan, reflecting a growth rate of 41.9% [4]. - The earnings per share (EPS) for 2024 is projected at 0.96 yuan, with a price-to-earnings (PE) ratio of 50 [4][6]. - The company’s gross margin is expected to be 85.94% in 2024, indicating strong profitability [6].