研報掘金丨中銀證券:恒瑞醫藥全年業績快速增長,維持“買入”評級
中銀證券研報指出,恒瑞醫藥(600276.SH)24年歸屬上市公司股東的淨利潤為63.37億元,同比增長47.28%,公司保持穩健增長,看好公司的龍頭地位以及創新平台的管線價值,維持“買入”評級。公司全年業績快速增長,主要一方面,集採對公司仿製藥的影響已經逐步消除,公司創新藥開始快速放量;另一方面,公司海外BD也逐步進入收穫期,2024年,公司收到Merck Healthcare 1.6億歐元對外許可首付款以及 KaileraTherapeutics 1.0億美元對外許可首付款等許可合作對價,進一步給公司帶來業績彈性。分季度來看,Q4單季度實現營業收入77.95億元,同比增長34.26%,歸母淨利潤為17.17億元,同比增長107.20%;扣非歸母淨利潤15.62億元,同比增長99.94%,四季度保持快速增長。
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