CSCI-Stock Connect-Hengrui Medicine (600276CH)：Strong growth momentum - 20180419
Strong growth momentum
2017 results
The company registered an operating revenue of RMB13.836bn (up 24.72% YoY), RMB3.217bn in net profit attributable to the parent company (up 24.25% YoY), and RMB3.101bn in net profit attributable to the parent excluding non-recurring items (up 19.76% YoY) in 2017, with EPS of RMB1.14 and OCFPS of RMB0.90, in line with our expectations.
The company has proposed a cash dividend of RMB1.30 per ten shares, offering a share increase of one for every two existing shares by converting capital reserve into new shares.
Sales performance by product
Anti-tumor drugs generated a revenue of RMB5.722bn in 2017, up 18.47% YoY, with a gross margin of 91.86%, up 0.63pc YoY, cementing the company’s position as a domestic leader in this area, largely driven by a growth spurt from an innovative medicine called Apatinib. Letrozole/oxaliplatin/irinotecan/cyclophosphamide/Tegafur grew 36.84%/23.18%/19.30%/18.18%/18.16%/10.96%.
Anesthetics maintained a sound momentum, with revenue coming in 19.71% higher at RMB3.599bn yet a gross margin 0.37pc lower at 89.89%. Dexmedetomidine/sevoflurane/cisatracurium besylate jumped by 30.66%/21.59%/14.93%.
Jiangsu Hengrui Medicine is engaged in the development, manufacture and distribution of raw chemical pharmaceuticals, tablets, capsules, powder injections, lyophilized powder for injections, sterile poured-in powder injections, large & small volume parenteral solutions, bulk drugs, western medicines, eye-drops, medicine packaged materials and raw medicines. Through its subsidiaries, Co. is also engaged in the development, manufacture and wholesale of spray solutions, chinese medicines and raw chemicals and research and development of producing new medicines.
中信建投国际研究部是中信建投证券香港子公司中信建投国际下属研究部门，负责香港上市公司、行业和宏观研究。我们的研究产品和服务包括行业报告、公司、宏观、常规日报、新闻摘要、分析员路演、上市公司非交易路演和反向路演 以及策略会。
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