Hengrui Pharma(600276) 天风证券·2024-05-27 01:00Investment Rating - The report maintains a "Buy" rating for the company [3][6][13] Core Insights - The company reported a revenue of 22.82 billion yuan in 2023, representing a year-on-year growth of 7.3%, with a net profit attributable to the parent company of 4.30 billion yuan, up 10.1% year-on-year [1] - The innovative drug segment continues to show strong growth, with revenue reaching 10.64 billion yuan in 2023, a year-on-year increase of 22.1% [1] - The company has achieved its stock incentive plan targets for 2022 and 2023, with expectations to maintain a compound annual growth rate (CAGR) of over 20% for the innovative drug segment through 2024 [1] - Multiple products are expected to be approved for market launch in 2024, including SHR8058 and SHR8028, which will provide ongoing growth momentum [1][2] Financial Performance and Projections - The company forecasts revenues of 25.95 billion yuan, 30.07 billion yuan, and 35.28 billion yuan for 2024, 2025, and 2026, respectively [3] - The projected net profit attributable to the parent company for 2024 is 5.30 billion yuan, with adjustments made for 2025 due to increased R&D expenses [3] - The earnings per share (EPS) is expected to rise from 0.67 yuan in 2023 to 0.83 yuan in 2024 [4] Research and Development Progress - The company completed three Phase II clinical trials for its GLP-1/GIP dual-target drug HRS9531 in 2023, with data readouts expected this year [2] - SHR-A1811 has received five breakthrough therapy designations (BTD) and is involved in five Phase III clinical trials, with a potential market application submission in 2024 [2]