研報掘金丨國證國際:恆瑞醫藥爲領先創新型製藥企業 予港股IPO專用評級“6.1”
國證國際研報指出,恆瑞醫藥(1276.HK)是一家根植中國、全球領先的創新型製藥企業。2024年公司營收279.85億元(+22.6%)、歸母淨利潤63.37億元(+47.3%),毛利率提升1.6pct至86.2%。核心增長引擎爲創新藥收入,創新藥銷售收入佔總收入的百分比由2022年的38.1%增至2023年的43.4%,並進一步增至2024年的46.3%。其中PD-L1&TGF-β、HER2ADC等重磅品種即將持續放量,疊加海外授權合作,形成“國內放量+海外授權”雙輪驅動。公司此次IPO發行價爲41.45-44.05港元,較A股股價有24-28%的折價,對應24年PE爲40x-42.4x。公司研發實力雄厚,定價相較A股有較大折扣,且近期港股市場打新熱情較爲高漲,綜合考慮給予IPO專用評級“6.1”。
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