恒瑞医药：业绩保持稳定增长，推进创新出海和研发进展

Investment Rating - The report maintains a "Buy" rating for the company [1][3] - The market price is noted at RMB 48.00, with a sector rating of "Outperform" [1] Core Insights - The company achieved a revenue of RMB 20.189 billion in the first three quarters of 2024, representing a year-on-year growth of 18.67%, while the net profit attributable to shareholders increased by 32.98% to RMB 4.620 billion [3][4] - The company is increasing its R&D investments, with R&D expenses reaching RMB 4.549 billion in Q1-Q3 2024, a 22.10% increase year-on-year [4] - The company has established a diversified product portfolio, including chemical drugs, monoclonal antibodies, and ADC drugs, which is expected to contribute to future revenue growth [4] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of RMB 20.189 billion, a 18.67% increase year-on-year, and a net profit of RMB 4.620 billion, up 32.98% [4][5] - The company’s Q3 revenue was RMB 6.589 billion, reflecting a 12.72% year-on-year growth, while net profit for the same period was RMB 1.188 billion, a 1.91% increase [4] R&D and Innovation - The company is actively pursuing international collaborations and has received clinical trial qualifications for several innovative drugs, including three ADC products that gained fast track designation from the FDA [4][5] - The total number of invention patents applied globally reached 2,527 as of H1 2024 [4] Product Diversification - The company has developed a mature platform for various drug types, including ADCs and mRNA, which broadens its product line and aims to enhance its market presence in oncology and chronic diseases [4][5] Valuation - The projected net profits for 2024-2026 are RMB 5.593 billion, RMB 6.704 billion, and RMB 7.975 billion, respectively, with corresponding EPS of RMB 0.88, RMB 1.05, and RMB 1.25 [4][5] - The PE ratios for the same years are expected to be 55.5, 46.3, and 38.9, indicating a positive outlook for the company's long-term growth [4][5]