格隆汇9月18日｜渤海证券研报指出，恒瑞医药为我国制药龙头企业，坚持科技创新和国际化双轮驱 动，拥有110多款商业化药物，包括23款新分子实体创新药和4款其他创新药。公司股权结构稳定，员工 持股计划激发创新活力，在研管线不断丰富，技术平台多维度广泛开拓，研发投入继续加大，2024年营 收净利创新高。公司2025-2027年预计获批上市创新药及适应症约47项，涵盖肿瘤、自免、减重等多个 领域。公司BD进程不断加快，与MNC加强合作，历次BD合作中首付款和里程碑金额稳步提升，2025 年已实现与默沙东、默克、GSK多家MNC的BD合作，同时再次采用NewCo模式实现对外授权。公司从 前期follow-on到单个创新药获批上市到如今多种类创新药全面储备，以平台化保障公司长期创新药商业 化进程，促进营收放量。首次覆盖给予"买入"评级。 ...

Group 1: CATL (宁德时代) - CATL is a global leader in the innovation of new energy technology, primarily engaged in the research, production, and sales of power batteries and energy storage batteries [1][2] - The company has maintained the number one global market share in power batteries for eight consecutive years, with a projected market share of 37.9% in 2024; it also ranks first in energy storage batteries for four years, with a projected market share of 37% in 2024 [1][2] - As of the end of 2024, CATL has established six R&D centers and thirteen battery manufacturing bases globally, serving 64 countries and regions, with over 1.7 million electric vehicles equipped with CATL batteries [1][2] Group 2: Financial Performance of CATL - CATL's revenue for 2022, 2023, and 2024 is projected to be RMB 328.59 billion, RMB 400.92 billion, and RMB 362.01 billion, respectively, with net profits of RMB 33.46 billion, RMB 47.34 billion, and RMB 55.30 billion [2] - In 2024, 30.5% of the company's revenue is expected to come from overseas markets [2] Group 3: Hengrui Medicine (恒瑞医药) - Hengrui Medicine, founded in the early 1970s, focuses on multiple therapeutic areas, including oncology, metabolism, cardiovascular diseases, immunology, and neuroscience, with over 110 commercialized drugs [3][4] - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 21.27 billion, RMB 22.82 billion, and RMB 27.98 billion, respectively, with a compound annual growth rate exceeding 14%, significantly higher than the global pharmaceutical market's growth rate of about 4% [3][4] - Hengrui has established 14 global R&D centers and has initiated over 20 overseas clinical trials, with products commercialized in over 40 countries [4] Group 4: Strategic Initiatives of Hengrui Medicine - The company has a pipeline of over 90 candidate new molecular entity innovative drugs and has engaged in 14 licensing transactions with global partners since 2018, totaling approximately USD 14 billion [4] - Hengrui Medicine emphasizes a "dual-driven strategy" of "innovation + internationalization," positioning internationalization as a key focus for growth [4][5]