Hengrui Pharma(SH:600276) Hua Yuan Zheng Quan·2025-04-12 13:08Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing rapid growth in innovative drug revenue and is making significant progress in international markets [5] - The company reported a total revenue of 27.985 billion yuan in 2024, representing a year-on-year increase of 22.63%, with a net profit attributable to shareholders of 6.337 billion yuan, up 47.28% year-on-year [6] - The company is accelerating its transformation driven by innovation, with innovative drug revenue growing by 30.6% year-on-year in 2024, accounting for approximately 55% of total operating revenue [6] - The company has a robust pipeline with 19 first-class innovative drugs and 4 second-class new drugs approved, and expects over 70 innovative drugs to be approved in the next three years [6] - The company has achieved significant results in business development (BD) overseas, with licensing income of 2.7 billion yuan in 2024, including substantial upfront payments from international partners [6] Financial Summary - The company forecasts revenue growth from 30.844 billion yuan in 2025 to 40.483 billion yuan in 2027, with corresponding net profits of 7.005 billion yuan and 9.883 billion yuan respectively [5][6] - The projected net profit growth rates for 2025 to 2027 are 10.56%, 18.25%, and 19.30% respectively [5] - The company's price-to-earnings (P/E) ratios are expected to decrease from 44.05 in 2025 to 31.23 in 2027, indicating improving valuation [5]