Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [5]. Core Insights - The company has received approval for its innovative drug, Ruira Fup α, which is a dual-function fusion protein targeting PD-L1 and TGF-βRII, marking it as the first of its kind to be approved in the market [5][8]. - The company has a robust pipeline with over 300 new drugs under development, and it is expected to launch 7 new drugs by 2025, with Ruira Fup α being approved at the start of 2026 [8]. - The company is actively pursuing business development (BD) transactions, with expected revenues from these deals exceeding USD 16 billion, which will significantly enhance profitability [8]. - Projected net profits for the company are estimated at RMB 10.1 billion, RMB 9.1 billion, and RMB 10.4 billion for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 59.3%, -9.9%, and 14.5% [10]. Financial Summary - The company’s revenue is projected to grow from RMB 22.82 billion in 2023 to RMB 45.40 billion by 2027, reflecting a strong growth trajectory [12]. - The earnings per share (EPS) are expected to be RMB 1.52, RMB 1.37, and RMB 1.57 for the years 2025, 2026, and 2027 respectively, with a notable increase in 2025 [10]. - The company’s net profit margin is projected to be 18.5% in 2025, decreasing to 16.5% in 2026, and recovering to 17.5% in 2027 [10].
恒瑞医药（01276）：瑞拉芙普α获批，研发稳步推进