迈入新一轮新药兑现期，国际化持续提速

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][5]. Core Insights - The company is entering a new growth phase driven by innovation and international expansion, having successfully transitioned into a comprehensive innovation stage with a well-structured pipeline of innovative drugs [1][5]. - The pressure from centralized procurement has largely been alleviated, with only a few key generic drugs remaining outside of procurement, leading to a gradual decrease in reliance on generics [1][5]. - The company has a robust pipeline with over 20 innovative drugs in the late stages of development, expected to drive significant revenue growth in the coming years [1][5][23]. Summary by Sections Company Overview - Founded in 1970 and listed in 2000, the company has evolved into a leading innovative pharmaceutical enterprise focusing on high-quality drug development across various therapeutic areas [10][11]. Procurement Impact - The impact of centralized procurement has been mostly resolved, with only a few key products remaining outside of procurement, allowing for a gradual reduction in the company's reliance on generics [1][5][15]. Innovative Drug Portfolio - The company has launched 17 innovative drugs, with significant sales growth expected from key products that have recently entered the market [16][18]. - The innovative drug sales accounted for 44% of total sales in the first half of 2023, projected to reach 50% in 2024 [1][5]. Research and Development Pipeline - The company has over 20 innovative drugs in the NDA or Phase III stages, covering a wide range of diseases, with expectations to submit at least 25 new drug applications by 2025 [23][25]. - The pipeline includes drugs targeting oncology, metabolic diseases, autoimmune diseases, and chronic diseases, indicating a diversified approach to drug development [23][30]. International Expansion - The company is accelerating its international strategy, having initiated nearly 20 international clinical trials and formed strategic partnerships with global pharmaceutical giants [1][6][31]. - A significant milestone was achieved with a partnership with Merck in October 2023, marking the company's first collaboration with a multinational corporation [6][31]. Financial Projections - Revenue projections for 2023-2025 are estimated at 23.2 billion, 25.9 billion, and 29.7 billion yuan, with corresponding growth rates of 8.9%, 12.0%, and 14.6% [2][5]. - Net profit forecasts for the same period are 4.6 billion, 5.6 billion, and 7.0 billion yuan, with growth rates of 16.9%, 21.8%, and 26.7% [2][5].