研報掘金丨國泰君安:恒瑞醫藥2024年業績高速增長,維持“增持”評級
國泰君安研報指出,恒瑞醫藥(600276.SH)2024年業績高速增長。創新藥出海進程提速,打造第二增長引擎。創新藥密集落地,步入收穫期。 研發投入力度加大,運營效率提高。維持目標價57.60元及“增持”評級。收入端與利潤端雙雙高增長,判斷主要系創新藥持續高速放量、以及產品出海帶來顯著業績增厚(包括來自合作伙伴Merck的1.6億歐元、Kailera的1.0億美元對外許可首付款)。公司2024年創新藥收入達138.92億(含税/不含對外許可收入),同比增長30.60%,瑞維魯胺、達爾西利、恒格列淨等新品高速放量;泰吉利定、夫那奇珠單抗、艾瑪昔替尼等新品陸續獲批,有望進一步提供業績增量。2025年公司有望迎來HER2 ADC獲批;2026年有望迎來PD-L1/TGF-β、EZH2抑制劑獲批;2027年有望迎來HER3 ADC、口服SERD、GLP-1/GI P等新藥獲批上市。
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