Hengrui Pharma(SH:600276) China Post Securities·2025-09-09 09:12Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [9][15]. Core Insights - The company reported a revenue of 15.76 billion yuan in the first half of 2025, representing a year-on-year growth of 15.9%, with a net profit of 4.45 billion yuan, up 29.7% [4]. - The revenue from innovative drugs reached 7.57 billion yuan in the first half of 2025, with an estimated growth rate of approximately 23% year-on-year [5][6]. - The company has received approvals for six Class 1 innovative drugs and has multiple drugs in various clinical trial phases, indicating a robust pipeline for future growth [7]. Financial Performance - The company’s projected revenues for 2025, 2026, and 2027 are 34.44 billion yuan, 39.05 billion yuan, and 43.88 billion yuan, respectively, with year-on-year growth rates of 23.1%, 13.4%, and 12.4% [8][11]. - The net profit attributable to the parent company is expected to be 9.18 billion yuan, 10.72 billion yuan, and 11.79 billion yuan for the years 2025, 2026, and 2027, reflecting growth rates of 44.9%, 16.8%, and 10.0% [8][11]. Business Development - The company has established a clear plan for future innovative drug production, including a share repurchase plan of 1 to 2 billion yuan aimed at employee stock ownership [7]. - Licensing income has become a significant component of the company's revenue, with 1.99 billion yuan generated from licensing agreements in the first half of 2025 [5][6].