医药生物 2024 年 08 月 22 日 恒瑞医药 (600276) ——半年报业绩高增长，授权出海成为新增长引擎 | --- | |-------------------| | 43.93 | | 49.74/35.51 | | 6.6 | | 0.46 | | 280,230 | | 2,848.77/8,162.18 | | | | --- | --- | |--------------------------|----------------| | 基础数据: | 年 06 月 30 日 | | 每股净资产（元） | 6.68 | | 资产负债率% | 10.37 | | 总股本/流通 A 股（百万） | 6,379/6,379 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-2209-2210-2211-2212-2201-2202-2203-2204-2205-2206-2207-2208-22 -20% -10% 0% 10% 20% 30% 恒瑞医药 沪深300指数 (收益率) 个股相关研究 公 司 研 究/ 公 司 点 评 报告原因：有业绩公布需要点 ...

Investment Rating - The report maintains a "Recommend" rating for Hengrui Medicine (600276 SH) [1][2] Core Views - Hengrui Medicine achieved significant growth in H1 2024, with revenue reaching 13 601 billion yuan, up 21 78% YoY, and net profit attributable to parent company reaching 3 432 billion yuan, up 48 67% YoY [1] - The company's innovation-driven strategy is paying off, with innovative drug revenue reaching 6 612 billion yuan, up 33% YoY, driven by strong performance of key products like Ruiweilu'an, Daerxili, and Henggelie [1] - Hengrui Medicine continues to strengthen its R&D efforts, with 38 60 billion yuan invested in R&D in H1 2024, up 30 3% YoY, and multiple pipeline products making progress in clinical trials [1] - The company has made significant progress in international cooperation, licensing its GLP-1 products to Hercules for up to 5 725 billion USD in potential milestone payments and sales royalties [1] Financial Performance - Revenue is expected to grow to 27 066 billion yuan in 2024, up 18 6% YoY, with net profit attributable to parent company reaching 6 251 billion yuan, up 45 3% YoY [1][2] - The company's gross margin is expected to remain strong at 85 94% in 2024, with net profit margin improving to 23 09% [5] - Hengrui Medicine's ROE is forecasted to increase to 13 79% in 2024, up from 10 63% in 2023 [5] Pipeline Progress - In H1 2024, Hengrui Medicine had 3 innovative products approved for marketing, 2 NDA applications accepted, 10 products in Phase III trials, 20 in Phase II, and 19 in Phase I [1] - The company's ADC platform has 12 novel ADC molecules in clinical trials, with 3 products in Phase III and 6 indications granted breakthrough therapy designation by CDE [1] Valuation - The company's PE ratio is expected to decline from 65 in 2023 to 45 in 2024, reflecting strong earnings growth [2][5] - Hengrui Medicine's PB ratio is forecasted to decrease from 6 9 in 2023 to 6 2 in 2024 [5]

证券研究报告 非金融公司|公司点评|恒瑞医药（600276） 创新药高速增长，授权收入贡献业绩 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 恒瑞医药发布 2024 年中报，上半年实现收入 136.01 亿元，同比增长 21.78%，实现归母净利 润 34.32 亿元，同比增长 48.67%，实现扣非归母净利 34.90 亿元，同比增长 55.58%。 |分析师及联系人 夏禹 郑薇 SAC：S0590518070004 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月22日 恒瑞医药(600276) 创新药高速增长，授权收入贡献业绩 | --- | --- | |------------|-------------------| | 行 业： | 医药生物/化学制药 | | 投资评级： | 买入（维持） | | 当前价格： | 43.93 元 | 基本数据 总股本/流通股本(百万股) 6,379.00/6,379.00 流通 A 股市值(百万元) 28 ...

Investment Rating - The report maintains a "Recommend" rating for the company, reflecting a positive outlook on its future performance [2] Core Views - The company's Q2 2024 performance was strong, with revenue reaching 7.603 billion yuan, a 33.95% YoY increase, and net profit attributable to shareholders of 2.063 billion yuan, a 92.94% YoY growth [1] - Innovation-driven revenue growth was robust, with innovative drug revenue reaching 6.612 billion yuan in H1 2024, a 33% YoY increase [1] - Internationalization efforts are progressing steadily, with significant licensing deals contributing to revenue growth, including a 1.1 billion USD upfront payment and potential milestone payments up to 5.725 billion USD [2] Financial Performance - H1 2024 revenue was 13.601 billion yuan, a 21.78% YoY increase, with net profit attributable to shareholders of 3.432 billion yuan, a 48.67% YoY growth [1] - R&D investment in H1 2024 was 3.86 billion yuan, with 3.038 billion yuan expensed [1] - The company's gross margin is expected to improve from 84.55% in 2023 to 91.73% by 2026 [5] Product Performance - Key innovative drugs such as Ruiweilu'an, Daerxili, and Henggeliezhin showed rapid growth after entering the national medical insurance catalog [1] - Adebelisumab, though not yet included in the national medical insurance, has been included in local惠民保 programs, contributing to revenue growth [1] - Established innovative drugs like Camrelizumab, Pyrotinib, and Apatinib continued to show sales growth due to new indications and clinical evidence [1] International Expansion - The company licensed its GLP-1 class innovative drugs (HRS-7535, HRS9531, HRS-4729) to Hercules in the US, receiving a 19.9% equity stake in Hercules [2] - A 160 million euro upfront payment from Merck for HRS-1167 and SHR-A1904 projects contributed to revenue growth [2] Financial Projections - Revenue is projected to grow from 22.819 billion yuan in 2023 to 35.498 billion yuan by 2026, with a CAGR of 15.79% [5] - Net profit attributable to shareholders is expected to increase from 4.302 billion yuan in 2023 to 9.391 billion yuan by 2026 [5] - EPS is forecasted to grow from 0.67 yuan in 2023 to 1.47 yuan by 2026 [5] Valuation Metrics - The company's PE ratio is expected to decline from 62.73 in 2023 to 28.74 by 2026 [5] - PB ratio is projected to decrease from 6.67 in 2023 to 4.17 by 2026 [5] - PS ratio is anticipated to drop from 11.83 in 2023 to 7.60 by 2026 [5]

公司快报 2024 年 08 月 22 日 恒瑞医药(600276.SH) 海外布局开始贡献业绩增量，多个新品 种进入兑现阶段 事件：公司发布 2024 年中报，报告期内实现营业收入 136.01 亿元，同比增长 21.78%；实现归母净利润 34.32 亿元，同比增长 48.67%；实现扣非归母净利润 34.90 亿元，同比增长 55.58%。 海外布局开始贡献业绩增量，未来多项海外授权合作的首付款、 里程碑付款、销售提成等收入有望成为公司业绩增量的重要来 源。得益于公司在报告期内将收到的 Merck Healthcare 1.6 亿 欧元对外许可首付款确认为收入，公司报告期内实现营业收入 136.01 亿元，同比增长 21.78%；若扣除 1.6 亿欧元对外许可首付 款（按照 1 至 7 月平均汇率 1 欧元=7.7197 元人民币计算约 12.4 亿元），则收入约 123.6 亿元，同比增长约 11%。自 2023 年起公 司已达成多项海外授权（详情见表 1），包括： 1）2023 年 2 月将 EZH2 抑制剂 SHR2554 许可给美国 Treeline Biosciences 公司； 2）2023 ...

(13%) (6%) 2% 10% 18% 26% Aug-23Sep-23Oct-23Nov-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 恒瑞医药 上证综指 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (4.9) 0.2 (3.4) 9.0 相对上证综指 (1.3) 4.4 6.1 16.7 恒瑞医药 | --- | |------------| | 6,379.00 | | 6,379.00 | | 269,895.59 | | 1,089.78 | | | | 24.11 | | | 以 2024 年 8 月 21 日收市价为标准 公司发布 2024 年半年报，2024H1 实现营业收入同比增长 21.78%，归母净利润同比增长 48.67%，扣非归母净利润同比增长 55.58%，收入端和利润端均增速亮眼。公司推进拓展 研发管线，覆盖广泛商业化网络，提升国际市场影响力，不断加强技术平台建设，多个创 新药物进入临床阶段，在产品多元化布局取得显著成果。维持买入评级。 支撑评级的要点 2024 年上半年公司业绩增速亮眼，创新成果陆续兑现。 ...

2024 年 08 月 21 日 恒瑞医药（600276.SH） 买入（维持评级） 公司点评 证券研究报告 创新药业务拉动营收快速增长，对外 授权收入提供额外增长动力 业绩简评 2024 年 8 月 21 日公司披露半年报，1H24 公司营收 136.01 亿 （+21.78%），归母净利润 34.32 亿元（+48.67%），扣非归母净利润 （+55.58%）。 经营分析 创新转型持续兑现，收入实现高增长。（1）公司近年来持续推动创 新转型，2024 年上半年公司创新药收入达 66.12 亿元（含税，不 含对外许可收入），同比增长 33%，占总收入比重达 48.61%。其中， 瑞维鲁胺、达尔西利、恒格列净三款产品于 2023 年进入国家医保， 可及性大大提高，24H1 收入快速增长；其他已上市品种中海曲泊 帕（TPO-R 激动剂）、卡瑞利珠单抗（PD-1）、吡咯替尼（HER2 抑制 剂）、阿帕替尼（VEGFR 抑制剂）、阿得贝利单抗也贡献了一定的销 售增量。（2）对外许可收入成为拉动业绩增长的又一驱动力，报告 期内，公司将收到的来自 Merck Healthcare 的 1.6 亿欧元首付款 确认为收入。 ...

——恒瑞医药 2024 年半年报点评 创新转型提速，国际化布局迎来兑现期 恒瑞医药(600276) [Table_Industry] 医药/必需消费 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 53.55 | | | 上次预测: | 53.55 | | [当前价格： Table_CurPrice] | | 42.31 | | --- | --- | --- | --- | |----------|-------------------|----------------------------|------------------------------| | | 丁丹(分析师) | 甘坛焕(分析师) | 姜铸轩(分析师) | | | 0755-23976735 | 021-38675855 | 021-38674878 | | | dingdan@gtjas.com ...

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **52.20 yuan**, based on a 2024 P/E ratio of 58x [2][4] Core Views - The company achieved **13.601 billion yuan** in revenue for H1 2024, a **21.78% YoY increase**, with net profit attributable to shareholders reaching **3.432 billion yuan**, up **48.67% YoY** [1] - Revenue from innovative drugs accounted for **48.6%** of total revenue in H1 2024, up from **40.5%** in 2022, driven by new drug approvals and expanded indications [1] - Overseas licensing contributed significantly, with **160 million euros** in upfront payments from Merck Healthcare and a GLP-1 product portfolio licensing deal with Hercules, expected to boost future earnings [1] Financial Performance - Q2 2024 revenue reached **7.603 billion yuan**, a **33.95% YoY increase**, with net profit attributable to shareholders surging **92.94% YoY** to **2.063 billion yuan** [1] - Revenue breakdown by segment: Oncology **7.14 billion yuan**, Anesthesia **1.82 billion yuan**, Contrast Agents **1.38 billion yuan**, and Other Businesses **3.26 billion yuan** [1] - The company's EPS is projected to grow from **0.90 yuan** in 2024 to **1.21 yuan** in 2026, with revenue expected to increase from **26.404 billion yuan** in 2024 to **36.053 billion yuan** in 2026 [2][7] Innovation and Global Expansion - Three new innovative drugs were approved in H1 2024, including **Fulvestrant Tigecycline**, **Fluzoparib**, and **Proline Henggeliezin** for new indications [1] - The company has three ADC drugs granted **FDA Fast Track designation**, indicating strong potential for global market expansion [1] - Overseas approvals for **Bupivacaine** and **Tacrolimus** in the US further solidify the company's international presence [1] Valuation and Market Performance - The company's P/E ratio is expected to decline from **47.2x** in 2024 to **35.0x** in 2026, reflecting strong earnings growth [7] - The stock's 52-week high/low is **49.49 yuan/35.34 yuan**, with a current price of **42.31 yuan** as of August 21, 2024 [4] - The company's market capitalization stands at **269.896 billion yuan**, with a total of **637.9 million shares** outstanding [4]

公司代码：600276 公司简称：恒瑞医药 2024 年半年度报告 江苏恒瑞医药股份有限公司 2024 年半年度报告 1 / 236 2024 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实 性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人孙飘扬、主管会计工作负责人刘健俊及会计机构负责人（会计主管人 员）武加刚声明：保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异，敬请广大投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完 ...