Hengrui Pharma(SH:600276) Guohai Securities·2024-10-30 07:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company has made significant progress in multiple innovative pipelines, and the employee stock ownership plan strengthens development confidence [1]. - The company's revenue for the first three quarters of 2024 reached 20.189 billion yuan, a year-on-year increase of 18.67%, with a net profit attributable to shareholders of 4.620 billion yuan, up 32.98% year-on-year [3]. - The company is focusing on international expansion, which is becoming a second growth engine, with the approval of a generic drug application in the U.S. [4]. Summary by Sections Recent Performance - The company's stock performance relative to the CSI 300 index shows a decline of 1.0% over the last month, but a 19.0% increase over the last three months [2]. - The current stock price is 48.18 yuan, with a 52-week price range of 35.51-57.53 yuan [2]. Research and Development - In the first three quarters of 2024, the company invested 4.549 billion yuan in R&D, accounting for 22.53% of its revenue [2]. - Several key products have received market approval, including treatments for severe psoriasis and alopecia areata [2][3]. Financial Forecast - The company forecasts revenues of 26.939 billion yuan, 30.758 billion yuan, and 36.007 billion yuan for 2024, 2025, and 2026, respectively [7]. - The projected net profit for the same years is 6.106 billion yuan, 6.666 billion yuan, and 8.046 billion yuan, with corresponding P/E ratios of 50, 46, and 38 [6][7]. Employee Incentives - The employee stock ownership plan includes performance metrics focused on innovative drug sales and the number of new drug applications approved [6]. - The targets for innovative drug revenue are set at 13 billion yuan, 29.5 billion yuan, and 50.3 billion yuan for 2024, 2025, and 2026, respectively [6].