Hengrui Pharma(600276) 国海证券·2025-04-26 11:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's business development logic continues to deliver results, with multiple clinical trials set to be disclosed at the ASCO conference [1][5] - In Q1 2025, the company achieved operating revenue of 7.206 billion yuan, a year-on-year increase of 20.14%, and a net profit attributable to the parent company of 1.874 billion yuan, up 36.90% year-on-year [4][5] Financial Performance - The company is projected to have operating revenues of 31 billion, 34.9 billion, and 39.8 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 7.07 billion, 8.04 billion, and 9.29 billion yuan for the same years [6][8] - The expected growth rates for operating revenue are 11%, 12%, and 14% for the years 2025, 2026, and 2027 respectively, while net profit growth rates are projected at 12%, 14%, and 16% [8][9] Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month performance of 12.0%, 3-month performance of 12.6%, and a 12-month performance of 14.0% [3] - As of April 25, 2025, the current stock price is 50.27 yuan, with a market capitalization of approximately 320.67 billion yuan [3][4] Strategic Developments - The company has engaged in 13 licensing transactions with global partners since 2018, involving 16 molecular entities, with a potential total transaction value of approximately 14 billion USD [5] - Recent licensing agreements include exclusive rights for the development and commercialization of specific drugs in various regions, with upfront payments totaling 200 million USD and 15 million euros [5] Upcoming Events - The company is set to present multiple academic studies at the 2025 ASCO conference, including data on various ADC-related studies and dual antibody products [5]