Hengrui Pharma(600276) 中原证券·2024-11-22 09:13Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [2][14]. Core Views - The company, known for its innovative drug development pipeline, is expected to continue enriching its product offerings, positioning itself as a leader in the domestic innovative drug sector [5]. - For the first three quarters of 2024, the company achieved a revenue of 20.189 billion yuan, representing a year-on-year growth of 18.67%, and a net profit attributable to shareholders of 4.620 billion yuan, up 32.98% year-on-year [2]. - The report highlights significant clinical value from innovative results, benefiting more patients, and includes a notable income recognition from a licensing agreement with Merck Healthcare [2]. Financial Performance Summary - Revenue for 2024 is projected at 26.612 billion yuan, with a growth rate of 16.62% [6]. - Net profit for 2024 is estimated at 5.774 billion yuan, reflecting a growth rate of 34.21% [6]. - Earnings per share (EPS) are forecasted to be 0.91 yuan for 2024, with corresponding dynamic price-to-earnings ratios of 55.45, 45.81, and 39.66 for 2024, 2025, and 2026 respectively [5][6]. R&D and Product Pipeline - The company has successfully advanced its innovative drug pipeline, with several new drug applications expected between 2024 and 2026, including a new drug for moderate to severe plaque psoriasis and a JAK1 inhibitor for severe alopecia areata [2]. - The innovative drug segment is identified as a key growth driver for the company moving forward [2].