Hengrui Pharmaceuticals: Apatini closer to approval

Sina Tips: This article belongs to the individual stock review column, only the securities consultants on the relevant individual stocks or sectors of personal views and analysis, and informal news reports, Sina does not guarantee its authenticity and objectivity, investors do so, at their own risk All accurate information about the stock, please take the announcement of the Shanghai and Shenzhen stock exchanges as the basis UBS Securities Quarterly Order I the three-in-one review completed, Apatini further close to approval the website of the National Drug Review Center, Hengrui Pharmaceuticals 1.1 new class of apatinib three-in-one review has been completed According to the new drug review process, after the completion of the three-in-one review, only the drug review center to form a report, submit to the CFDA signature procedures, we expect Apatini is expected to be in a month or so after the production approval Appatini is just the beginning, with the company expected to approve 1-2 innovative drugs every year in the future company deep lying innovative medicine for many years, is the "innovation win" model enterprise, layout of a series of varieties, product line reserves rich We believe that Apatini's approval is only the beginning of the company's innovation drug harvest season, it is expected that 1-2 innovative drugs are approved every year in the future, a large number of innovative drugs will not only provide sufficient incentives for the company's revenue growth, but also hope to support the company's valuation level one of the "A-share unique" targets, is expected to benefit from the implementation of the Shanghai-Hong Kong Stock Link we believe that if the Shanghai-Hong Kong Pass is implemented as scheduled, it will bring investment opportunities for "scarcity" varieties in the Hong Kong stock market Hengrui as the A-share pharmaceutical sector's leading enterprises, we are optimistic about its as "A-share unique" category of one of the targets, and benefit from the implementation of the Shanghai-Hong Kong pass system valuation: Target price of 40.9 yuan, maintain the "buy" rating We forecast that the company's 2014-16 EPS will be RMB1.00/1.22/1.52, based on UBS VCAM tools, and will receive a target price of RMB40.9 through cash flow discount (WACC 6.0%) to maintain the "buy" rating Enter the Hengrui Medicine Bar for discussion