Hengrui Pharma(SH:600276) GOLDEN SUN SECURITIES·2024-04-24 14:02Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance meets expectations, with a significant increase in the proportion of revenue from innovative drugs and a continuous push for globalization [1][2]. - In 2023, the company achieved a revenue of 22.82 billion yuan, a year-on-year increase of 7.26%, and a net profit attributable to shareholders of 4.30 billion yuan, up 10.14% year-on-year [1][2]. - The innovative drug revenue reached 10.64 billion yuan in 2023, growing by 22.1% year-on-year, accounting for 46.61% of total revenue, an increase of 6.13 percentage points compared to 2022 [1][2]. Financial Performance - The company reported quarterly revenues of 54.92 million yuan, 56.76 million yuan, 58.45 million yuan, and 58.06 million yuan in 2023, with year-on-year growth rates of 0.25%, 19.51%, 2.24%, and 8.93% respectively [1]. - The fourth quarter net profit was 8.29 billion yuan, a year-on-year increase of 13.05% [1]. - The company’s R&D investment totaled 6.15 billion yuan in 2023, accounting for 26.95% of revenue, with over 90 innovative drugs in development [1][2]. Product and Segment Analysis - The oncology segment generated revenue of 12.22 billion yuan, with a gross margin of 91.82%, while the anesthesia segment achieved revenue of 3.74 billion yuan with a gross margin of 85.22% [1]. - Despite a slight decline in revenue from generic drugs due to price reductions and bidding impacts, sales of analgesics and new generic drugs showed positive trends [1]. Future Outlook - The company is expected to see net profits of 4.94 billion yuan, 5.68 billion yuan, and 6.73 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 14.9%, 14.8%, and 18.6% [2][3]. - The report anticipates that the commercialization of innovative drugs will continue to enhance revenue contributions, supporting long-term growth [1].