Hengrui Pharma(SH:600276) Bank of China Securities·2025-04-14 06:20Investment Rating - The report maintains a "Buy" rating for the company [1][4][6] Core Views - The company has demonstrated steady growth, achieving a revenue of RMB 27.985 billion in 2024, a year-on-year increase of 22.63%, and a net profit attributable to shareholders of RMB 6.337 billion, up 47.28% year-on-year [4][9] - The company is expected to continue its robust growth trajectory, with projected net profits of RMB 6.704 billion, RMB 7.975 billion, and RMB 9.204 billion for 2025, 2026, and 2027 respectively [6][12] - The innovative drug segment is showing significant contributions, with revenues reaching RMB 138.92 billion in 2024, a 30.60% increase year-on-year, accounting for nearly 50% of total revenue [9] Summary by Sections Financial Performance - The company reported a total revenue of RMB 27,985 million in 2024, with a growth rate of 22.6% [8] - The EBITDA for 2024 is projected at RMB 7,271 million, with a corresponding growth rate of 50.5% [12] - The net profit for 2024 is expected to be RMB 6,337 million, reflecting a growth rate of 47.3% [12] Valuation - The company is projected to have an EPS of RMB 1.05, 1.25, and 1.44 for the years 2025, 2026, and 2027 respectively [6][12] - The corresponding P/E ratios for 2025, 2026, and 2027 are estimated at 46.0, 38.7, and 33.5 times [6][12] Market Position - The company is recognized as a leading player in the pharmaceutical industry, with a strong pipeline of innovative drugs and a well-established market presence [4][9] - The company has strengthened its commercial layout, covering over 22,000 hospitals and 20,000 retail outlets, enhancing its market access [9]