Core Viewpoint - Heng Rui Medicine is positioned as a leading domestic innovative pharmaceutical company, focusing on research, production, and promotion of high-quality drugs, with significant growth potential driven by innovation and internationalization [3][4]. Group 1: Company Overview - Established in 1970, Heng Rui Medicine specializes in oncology, metabolism, cardiovascular diseases, immunology, respiratory diseases, and neuroscience [3]. - The company has achieved leading performance and market capitalization in the domestic pharmaceutical sector, despite concerns about future growth [3]. Group 2: Market Dynamics - The peak impact of centralized procurement for generic drugs has passed, with only two products, Sevoflurane and Iodine-131, still facing procurement risks, which are expected to have limited effects [3][4]. - Heng Rui is actively promoting its formulation export business, which is anticipated to become a new growth point for its generic drug operations [3]. Group 3: Innovation and R&D - From 2021 to 2024, Heng Rui is expected to receive approvals for 11 innovative products, including promising drugs like Hecuqipar and Darsylin [4]. - The company’s innovative drug revenue is projected to reach 15.3 billion, 19.2 billion, and 24 billion yuan in 2025, 2026, and 2027 respectively, with a compound annual growth rate exceeding 20% from 2024 to 2027 [4]. Group 4: Internationalization Strategy - Heng Rui's internationalization has evolved from initial formulation exports to overseas clinical trials and licensing agreements, enhancing its global influence [4]. - By mid-2025, the company has initiated 20 clinical trials overseas and is seeking collaborations with leading global pharmaceutical companies [4]. Group 5: Financial Projections - Revenue projections for Heng Rui are 34.57 billion, 37.73 billion, and 43.31 billion yuan for 2025, 2026, and 2027, reflecting year-on-year growth rates of 23.5%, 9.1%, and 14.8% respectively [5]. - The net profit attributable to the parent company is expected to be 9.999 billion, 11.109 billion, and 12.821 billion yuan for the same years, with growth rates of 57.8%, 11.1%, and 15.4% respectively [5].

平安证券研报指出，司太立碘佛醇100ml:35g（I）规格日前获国家药监局批准。碘佛醇是碘造影剂第一 大品种，100ml:35g（I）规格占比约80%。司太立碘佛醇100ml:32g（I）规格于2023年10月获药监局批 准，2024年销售规模较小。该行认为本次主流规格获批后，公司碘佛醇销售规模有望加速放量。考虑到 碘价维持在高位，公司业绩大幅改善时点后移，该行将公司2025-2026年盈利预测下调至0.86亿、2.37亿 元（原预测为3.09亿、5.36亿元），预计2027年利润为4.13亿元。但考虑到公司原料药和制剂新增产能 释放，尤其是海外制剂认证加快推进，公司业绩改善确定性较强，维持"推荐"评级。 ...

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 一、碘佛醇行业概述 碘佛醇作为非离子型碘造影剂的代表品种，是医学影像诊断领域的关键耗材，主要用于各类血管放射学造影检查及CT增强扫描。其核心功能在于通过血管 内注射后增强组织对比度，帮助医生清晰呈现脑血管、心血管、肾动脉等器官的结构形态，精准诊断肿瘤、血管病变、泌尿系统疾病等。相较于离子型造影 剂，碘佛醇具有低渗透压、低黏度、高安全性等优势，不良反应发生率低于1%，成为临床首选的中高端造影剂品种。 根据中金企信数据显示，2024年中国碘佛醇市场规模达30.71亿元，较2018年增长120%，但增速从2021年的18%回落至2024年的7%，行业进入成熟期。 数据整理：中金企信国际咨询 二、行业政策环境 国家层面高度重视 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company is expected to overcome operational bottlenecks and improve profitability, moving towards becoming a comprehensive supplier of contrast agents [1][7]. - The management efficiency has improved significantly under the current chairman, with revenue per employee increasing from 550,000 RMB in 2015 to 1,340,000 RMB in 2025 [7][19]. - The company is entering a phase of increased production capacity for iodine contrast agents, with capital expenditures (CAPEX) peak passed and utilization rates expected to rise [7][19]. - The domestic and international demand for contrast agents is expanding, with the company positioned as a key supplier in the iodine contrast agent market [7][27]. Financial Data and Projections - The company is projected to achieve a net profit of 0.7 billion RMB in 2025, 2.3 billion RMB in 2026, and 3.5 billion RMB in 2027, with corresponding price-to-earnings (PE) ratios of 58, 18, and 11 [8][75]. - Revenue is expected to grow from 2.196 billion RMB in 2023 to 3.516 billion RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 15% [8][85]. - The company’s operating profit is forecasted to recover from a loss of 0.054 billion RMB in 2024 to a profit of 0.277 billion RMB in 2026 [8][85]. Market Dynamics - The global market for contrast agents is projected to grow at a compound annual growth rate (CAGR) of 6.8%, with iodine contrast agent demand expected to double in the next decade [7][31]. - The supply of iodine is constrained, with major producers unable to significantly increase output, maintaining a tight balance between supply and demand [22][27]. - The company is positioned as a leading supplier in the iodine contrast agent market, with a comprehensive product range and established customer relationships [7][34]. Production Capacity and Expansion - The company has completed the construction of over 2,400 tons of raw material capacity, with approximately 1,800 tons certified under major quality systems [7][37]. - The company plans to utilize funds from a recent capital increase to expand production capacity for non-ionic CT contrast agents and iodine compounds [37][38]. Competitive Position - The company has a significant market share in iodine contrast agents, with a focus on expanding its product offerings and enhancing its competitive edge through strategic investments [7][34]. - The domestic procurement policies are expected to benefit the company, as it has a strong cost and scale advantage in raw materials [7][57]. International Expansion - The company is leveraging its international platform, IMAX, to enhance its global presence, with sales revenue from overseas operations increasing by 60% year-on-year [72]. - The company anticipates completing EU-GMP certification for its Shanghai facility in 2025, facilitating further international market penetration [72][75].

Core Viewpoint - In 2024, Heng Rui Medicine achieved significant revenue growth, with total revenue reaching 27.985 billion yuan, a year-on-year increase of 22.63%, and net profit attributable to shareholders reaching 6.337 billion yuan, up 47.28% year-on-year, indicating a potential shift from "supply chain disruption" to "turnaround" [1][6]. Group 1: Performance Drivers - The strong performance in 2024 is primarily driven by substantial external licensing income, including 1.6 billion euros from Merck Healthcare and 1 billion USD from Kailera Therapeutics, leading to a sixfold increase in licensing income compared to 2023 [7][12]. - The company's core business net profit and non-recurring net profit would revert to around 4 billion yuan if excluding these non-recurring gains, indicating reliance on external partnerships for profit growth [7][15]. Group 2: Impact of Centralized Procurement - The generic drug business still contributes 50% to the company's revenue, and the impact of centralized procurement remains significant, with ongoing effects from previous rounds of procurement [3][4]. - The third and fifth rounds of centralized procurement led to substantial revenue declines in 2021, with sales dropping by 55% and 37% respectively for affected products [3][4]. - The seventh round of procurement also saw a 48% decline in sales for affected products, and the upcoming ninth round is expected to further impact revenue in 2025 [5][6]. Group 3: Valuation and Investment Considerations - The current rolling P/E ratio of around 50 suggests that the company may need 2-3 years to digest this valuation, with expectations of net profit growth slowing to 15%-20% from 2025 to 2027 [17][18]. - The market is shifting focus from short-term profits to long-term innovation value, which may limit the short-term upside for Heng Rui Medicine, given its significant reliance on generic drugs [20].