恒瑞医药：经营稳健增长，坚持科技创新和国际化发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady growth, emphasizing technological innovation and international expansion [2] - In the first three quarters of 2024, the company achieved operating revenue of 20.189 billion yuan, a year-on-year increase of 18.67%, and a net profit attributable to shareholders of 4.620 billion yuan, up 32.98% year-on-year [1][2] - The company has a robust pipeline of over 90 innovative products in clinical development, with 300 clinical trials ongoing domestically and internationally [2][3] Financial Performance - For Q3 2024, the company reported operating revenue of 6.589 billion yuan, a year-on-year increase of 12.72%, and a net profit attributable to shareholders of 1.188 billion yuan, up 1.91% year-on-year [1] - R&D expenses for the first three quarters of 2024 amounted to 4.549 billion yuan, reflecting a year-on-year increase of 22.10%, with an R&D expense ratio of 22.53% [2] - The company expects net profits attributable to shareholders to reach 6.320 billion yuan, 7.057 billion yuan, and 8.121 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 46.90%, 11.66%, and 15.08% [3] Market Expansion - The company has accelerated its internationalization, successfully launching its first generic products in the U.S. and resubmitting applications for key drugs [3] - The company has received approval for its first generic drug, liposomal bupivacaine, and albumin-bound paclitaxel in the U.S., indicating significant market potential [3] - The company has submitted a Biologics License Application (BLA) for a combination therapy for liver cancer, with a PDUFA date set for March 23, 2025 [3]