恒瑞医药：布比卡因脂质体在美获批，国际化成果显著

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 50.48 CNY per share, based on a 60x PE valuation for 2024 [3][6]. Core Insights - The company has received FDA approval for its liposomal bupivacaine, marking the first generic drug approved in the U.S. since the original product was launched in 2011. This product is expected to enhance patient quality of life through its long-lasting pain relief capabilities. The global sales for liposomal bupivacaine reached 538 million USD in 2023, indicating significant market potential and a favorable competitive landscape [1][2]. - The company's internationalization strategy is accelerating, with overseas sales and revenue sharing expected to enhance profits. The company has obtained approximately 20 approvals for key products in the U.S., Europe, and Japan since 2011. In 2023, it completed five licensing transactions for innovative drugs, totaling over 4 billion USD, and in May 2024, it secured a licensing agreement for a GLP-1 innovative drug combination worth over 6 billion USD [1][2]. - As a leading domestic new drug developer, the company is well-positioned for long-term growth driven by innovation. It has 16 first-class new drugs and 4 second-class new drugs on the market, with new drug revenue reaching 10.637 billion CNY in 2023. The company has a robust pipeline with over 90 self-developed new drugs in clinical development, including several in the application and Phase III stages, which are expected to drive rapid earnings growth [1][2]. - Earnings forecasts indicate that the company's EPS will be 0.84 CNY, 0.96 CNY, and 1.09 CNY for 2024, 2025, and 2026, respectively. The company is anticipated to experience a fruitful period of innovation and accelerated internationalization, reinforcing its leading position in the domestic pharmaceutical industry [1][2]. Financial Summary - The company's revenue for 2023 is projected at 22.82 billion CNY, with a growth rate of 7.3%. The EBITDA is expected to be 4.921 billion CNY, and the net profit attributable to the parent company is forecasted to be 4.302 billion CNY, reflecting a growth rate of 10.1% [2][8]. - The EPS for 2024 is estimated at 0.84 CNY, with a PE ratio of 45.96. The ROE is projected to be 11.9% in 2024, indicating a solid return on equity [2][8].