恒瑞医药：2024Q3收入符合预期，多款创新药上市申请获得受理

Investment Rating - The report maintains a "Buy" rating for Hengrui Medicine (600276) with a 6-month outlook [2] Core Views - Hengrui Medicine's 2024Q3 revenue met expectations, with multiple innovative drugs receiving marketing application approvals [2] - The company achieved RMB 20.2 billion in revenue for the first three quarters of 2024, a 19% YoY increase, with net profit attributable to parent company reaching RMB 4.62 billion, up 33% YoY [2] - Innovative drug revenue showed strong growth, reaching RMB 6.612 billion in H1 2024, a 33% YoY increase [3] Financial Performance Revenue and Profit - Q3 2024 revenue reached RMB 6.59 billion, a 12.7% YoY increase [2] - Net profit attributable to parent company in Q3 2024 was RMB 1.19 billion, a 1.9% YoY increase [2] - The company expects to achieve its equity incentive targets for 2024-2026, with projected innovative drug revenues of RMB 13 billion, RMB 16.5 billion, and RMB 20.8 billion respectively [3] Expense Ratios - Q3 2024 sales expense ratio was 32.95%, up from 29.6% in Q3 2023 [3] - R&D expense ratio stood at 22.94% in Q3 2024, slightly down from 23.85% in Q3 2023 [3] - Management expense ratio was 10.63% in Q3 2024, compared to 10.13% in Q3 2023 [3] Product Pipeline - Funaqizumab was approved for marketing on August 27, 2024, with first shipment and prescription issued on August 30 [4] - Five innovative drugs received marketing application approvals, including three in oncology and two in autoimmune diseases [4] - Key oncology drugs in pipeline include HER2 ADC, EZH2 inhibitor, and PD-L1/TGF-βRII bifunctional fusion protein [4] Financial Projections - Revenue forecasts for 2024-2026 were revised upward to RMB 26.699 billion, RMB 31.024 billion, and RMB 35.523 billion respectively [5] - Net profit attributable to parent company projections for 2024-2026 were increased to RMB 6.104 billion, RMB 6.304 billion, and RMB 8.084 billion respectively [5] Valuation Metrics - Current price: RMB 46.6 [2] - A-share total market capitalization: RMB 297.261 billion [7] - P/E ratios for 2024E-2026E: 49.33x, 47.76x, 37.25x [9] - P/B ratios for 2024E-2026E: 6.60x, 5.89x, 5.25x [9]