Hengrui Pharma(600276) 国泰君安·2024-10-27 19:06Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 57.60 CNY, up from the previous target of 53.55 CNY [2][3] Core Views - The company's performance shows steady growth, with Q1-Q3 2024 revenue reaching 201.89 billion CNY, a YoY increase of 18.67%, and net profit attributable to shareholders reaching 46.20 billion CNY, a YoY increase of 32.98% [5] - The company's innovation-driven strategy is entering a harvest period, with new products such as Ruiweilu'an and Darxili contributing to revenue growth after being included in the national medical insurance catalog [5] - The company's internationalization efforts are accelerating, with key products like camrelizumab and apatinib being resubmitted for FDA approval, and generic drugs like bupivacaine liposome and albumin-bound paclitaxel approved in the US market [5] - R&D investment continues to increase, with Q1-Q3 2024 R&D expenses reaching 45.49 billion CNY, accounting for 22.53% of revenue, while sales and management expense ratios remain well-controlled [5] Financial Performance - The company's Q3 2024 revenue was 65.89 billion CNY, a YoY increase of 12.72%, with net profit attributable to shareholders at 11.88 billion CNY, a YoY increase of 1.91% [5] - The company's EPS forecasts for 2024-2026 have been revised upward to 0.96/1.10/1.30 CNY, compared to the previous forecasts of 0.90/1.08/1.27 CNY [5] - The company's ROE is expected to increase from 10.6% in 2023 to 14.3% by 2026, reflecting improved profitability [10] Market and Valuation - The company's current stock price is 48.00 CNY, with a 52-week price range of 35.95-56.01 CNY [6] - The company's market capitalization is 306.192 billion CNY, with a P/E ratio of 49.97x for 2024E, expected to decrease to 36.88x by 2026E [10] Industry and Product Development - The company's innovation pipeline is robust, with new products like Tazalizumab and Funazumab approved in the anesthesia and autoimmune fields, and the first ADC product SHR-A1811 submitted for NDA [5] - The impact of the 5th and 7th rounds of centralized drug procurement has largely been eliminated, with fewer products affected in future rounds, stabilizing the generic drug business [5]