Hengrui Pharmaceutical (600276): 19Q3 performance exceeded market expectations and growth was significantly faster than the previous quarter

Hengrui Pharmaceutical (600276): 19Q3 performance exceeded market expectations and growth was significantly faster than the previous quarter

Event: The company’s third quarter of 19 reported that net profit attributable to mothers increased year by year28.


Hengrui Pharmaceutical released the third quarter report of 19, and achieved operating income of 169.

45 ppm, an increase of 36 in ten years.

01%; net profit attributable to mother 37.

35 ppm, an increase of 28 in ten years.

26%; net profit of non-return to mother is 35.

360,000 yuan, an increase of 27 in ten years.


The company achieved operating income of 69 in the single quarter of 19Q3.

190,000 yuan, an increase of 47 in ten years.

27%; net profit attributable to mother 13.

22 ppm, an increase of 31 in ten years.

96%; deducted non-attributed net profit 12.

470,000 yuan, an increase of 31 in ten years.


The company’s performance exceeded market expectations.

The trend of accelerating performance growth is clear, and the R & D growth continues to grow rapidly.

The company’s 19Q3 single quarter revenue increased by as much as 47.

27%, far exceeding market expectations. It is expected that this is mainly related to the accelerated sales of angiography and tumor lines. The company’s performance growth has shown a quarter-on-quarter acceleration trend again and has been confirmed again.

According to the company’s announcement, the current contrast agent channel is still seriously out of stock and is expected to maintain a growth rate of about 40% in the first three quarters; the tumor line is expected to increase to 40% driven by the amount of carelizumab and albumin paclitaxelabout.

In the first three quarters of 19, the company’s R & D investment reached 28.

99 ppm, a 66-year increase of 66.

97%, R & D expense ratio increased to 17.

11% (+3.

17pct), in which the R & D expense ratio reached 19 in the single quarter of 19Q3.

46% (+4.

68pct); The continuous high R & D promotion has further strengthened the company’s innovative drug leader.

In addition to the rapid growth of the R & D expense ratio, the company’s overall expense ratio was well controlled during the first three quarters of 19 (61.

83%, +3.

40pct), of which selling expenses cost 36.

37% (-0.

89 points), management costs 8.

98% (+0.

95pct), financial expenses budget -0.

63% (+0.


The company’s accounts receivable reached 54.19 trillion, an earlier increase of 43.

63%; net cash flow from operating activities in the first three quarters26.

08 million yuan, an increase of 27 in ten years.

19%, basically the same as the rate of profit growth.

Karelizumab’s indications continued to develop, and the launch of innovative drugs helped boost performance.

The company is a leader in conventional innovation and R & D. The R & D expansion continues to grow at a high rate. Driven by years of high R & D promotion, the company has gradually entered the innovation harvest period.

At the front end, the company’s heavy-duty innovative or high-end imitation products such as irexexib, thiopefilgrastim, pirlotinib, albumin paclitaxel, and carelizumab have been approved for listing.

It is particularly noteworthy that the company’s Karelizumab has achieved excellent clinical progress in lung cancer, liver cancer, gastric cancer, esophageal cancer and other large cancer indications, and its research and development progress is leading internally.

According to the company announcement and CDE data disclosure, the company has successively delivered second-line treatment for esophageal squamous cell carcinoma, second-line treatment for liver cancer monotherapy, and NSCLC combined with first-line treatment for chemotherapy.

With the continuous development of Karelizumab for large cancer indications, and overlapping the company’s strong channel access and commercialization capabilities, the sales of Karelizumab are expected to reach 10 billion US dollars.

The company’s pirlotinib was approved for conditional marketing based on phase II clinical data in August 18 and was approved for use in combination with capecitabine for second-line treatment of HER2-positive patients.

At present, the company announced that the main endpoint of the Phase III clinical study of pirlotinib combined with capecitabine in the treatment of advanced diabetes has reached the standard of mid-term analysis of superiority of the protocol, and the safety is acceptable. Compared with lapatinib combined with capecitabine,Can 四川耍耍网 significantly prolong the patient’s PFS.

In terms of other research varieties, the company’s PD-L1 monoclonal antibody SHR-1316 combined with first-line chemotherapy for extensive-stage small cell lung cancer is already in the phase III clinical trial, and first-line therapy with chemotherapy for esophageal squamous cell carcinoma is also in the phase II clinical trial. The future progress will be the first to win domestically.Batch listing.
In addition, the company’s innovative drugs such as bevacizumab, type II diabetes treatment drug SGLT-2 inhibitor SHR3824, prostate cancer treatment drug androgen receptor antagonist SHR3680, hormone receptor antagonist treatment drug CDK4 / 6 inhibitor SHR6390 orBiosimilar drugs have also entered phase III clinical trials, and are expected to continue to contribute to the company’s performance 杭州夜网论坛 flexibility in the future.

Investment recommendation: Overweight-A investment rating, 6-month target price of 90.

60 dollars.

According to the company’s first three quarters of performance, we slightly raised the company’s profit forecast. It is expected that the company’s revenue growth from 2019 to 2021 will be 34.

6%, 30.

8%, 27.

9%, net profit growth rate was 28.

8%, 27.

8%, 25.

5%, outstanding growth; given Overweight-A investment rating, 6-month target price is 90.

60 yuan, equivalent to a dynamic price-earnings ratio of 60 in 2020.

Risk warning: product price reduction risk, core product marketing is less than expected, new drug development is less than expected, etc.