Hengrui Pharma(SH:600276) Hua Yuan Zheng Quan·2025-08-28 09:37Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company, Heng Rui Medicine, is experiencing a strong comeback as a leading player in the pharmaceutical industry, with an accelerating internationalization process [5] - The company's total revenue for the first half of 2025 reached 15.761 billion yuan, representing a year-on-year growth of 15.88%, while the net profit attributable to shareholders was 4.450 billion yuan, up 29.67% year-on-year [7] - The company has established a robust pipeline of over 90 innovative products in clinical development, with expectations of more than 40 innovative products potentially being launched in the next three years [7] Financial Performance Summary - Revenue Forecast: - 2023: 22.82 billion yuan - 2024: 27.985 billion yuan (22.63% YoY growth) - 2025E: 34.072 billion yuan (21.75% YoY growth) - 2026E: 40.896 billion yuan (20.03% YoY growth) - 2027E: 49.370 billion yuan (20.72% YoY growth) [6] - Net Profit Forecast: - 2023: 4.302 billion yuan - 2024: 6.337 billion yuan (47.28% YoY growth) - 2025E: 9.431 billion yuan (48.83% YoY growth) - 2026E: 11.330 billion yuan (20.14% YoY growth) - 2027E: 13.692 billion yuan (20.85% YoY growth) [6] - Earnings Per Share (EPS) Forecast: - 2023: 0.65 yuan - 2024: 0.95 yuan - 2025E: 1.42 yuan - 2026E: 1.71 yuan - 2027E: 2.06 yuan [6] Innovation and Internationalization - The company has achieved significant milestones in its innovative drug development, with 15 external transactions and three major licensing agreements in 2025, generating substantial upfront payments and potential future revenues [7] - The innovative drug sales and licensing revenue reached 9.561 billion yuan in the first half of 2025, accounting for 60.66% of total revenue, with innovative drug sales alone contributing 7.570 billion yuan, a 21.80% increase year-on-year [7]