恒瑞医药：业绩稳健增长，国际化取得新进展

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a steady growth in performance, with Q3 2024 revenue reaching 6.589 billion yuan, a year-on-year increase of 12.72%. The net profit attributable to shareholders was 1.188 billion yuan, up 1.91% year-on-year. For the first three quarters of 2024, the company achieved a total revenue of 20.189 billion yuan, reflecting an 18.67% year-on-year growth, and a net profit of 4.620 billion yuan, which is a 32.98% increase year-on-year [4][5]. - The company is optimizing its cost structure, with R&D expenses for the first three quarters of 2024 amounting to 4.549 billion yuan, a 22% increase year-on-year, resulting in an R&D expense ratio of 22.5% [4]. - The company has made significant progress in innovative drug development, with the approval of its first innovative drug for autoimmune diseases, bringing the total number of approved innovative drugs to 17 in China. Additionally, three innovative drug applications were accepted by the National Medical Products Administration in Q3 2024 [5]. - The internationalization of the company is advancing, with two first-generic products approved for sale in the U.S. in Q3 2024. The company has also submitted a biologics license application for a combination therapy for liver cancer, which has been accepted by the U.S. FDA [5]. Financial Summary - The company forecasts net profits for 2024, 2025, and 2026 to be 7.033 billion yuan, 6.896 billion yuan, and 8.668 billion yuan respectively, with corresponding EPS of 1.10 yuan, 1.08 yuan, and 1.36 yuan [6]. - The current stock price is 48.00 yuan, with a total share capital of 637.9 million shares [7].