恒瑞医药（600276）：公业绩高速增长，出海成效显著

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company achieved a revenue of 15.76 billion RMB in H1 2025, representing a year-on-year growth of 15.88%, and a net profit attributable to shareholders of 4.45 billion RMB, up 29.67% year-on-year [2]. - The sales and licensing revenue from innovative drugs reached 9.56 billion RMB, accounting for 60.66% of total revenue, with significant contributions from new drugs such as Rivaroxaban and others [3]. - The company has successfully established multiple partnerships, generating substantial upfront payments, which have significantly enhanced its performance [3]. - R&D investment totaled 3.87 billion RMB in H1 2025, with a focus on over 100 innovative products undergoing more than 400 clinical trials [4]. - The company is expected to achieve revenues of 33.8 billion RMB, 38 billion RMB, and 42.6 billion RMB in 2025, 2026, and 2027 respectively, with net profits projected at 9 billion RMB, 10.5 billion RMB, and 12.1 billion RMB for the same years [5]. Summary by Sections Performance Review - In H1 2025, the company reported a revenue of 15.76 billion RMB, a 15.88% increase year-on-year, and a net profit of 4.45 billion RMB, reflecting a 29.67% growth [2]. Operational Analysis - The innovative drug sales and licensing revenue reached 9.56 billion RMB, with new drugs like Rivaroxaban and others showing strong growth [3]. - The company has successfully executed several high-value partnerships, including a 2 billion USD deal with MSD and a 750 million USD deal with IDEAYA, contributing to its revenue growth [3]. Research and Development - The company invested 3.87 billion RMB in R&D in H1 2025, with 6 new class 1 drugs approved, indicating a fruitful R&D phase [4]. - The company is conducting over 400 clinical trials for more than 100 innovative products, showcasing its commitment to innovation [4]. Profit Forecast and Valuation - The company is projected to achieve revenues of 33.8 billion RMB, 38 billion RMB, and 42.6 billion RMB in 2025, 2026, and 2027, respectively, with net profits expected to reach 9 billion RMB, 10.5 billion RMB, and 12.1 billion RMB [5].