On November 1st, Tianfeng's research report pointed out that jiangsu hengrui pharmaceuticals (600276.SH) achieved expected revenue growth in the third quarter, with profits basically flat year-on-year. Q3 revenue was 6.59 billion yuan, a year-on-year increase of 12.7%; net income attributable to shareholders was 1.19 billion, a year-on-year increase of 1.9%. Revenue from innovative drugs is growing rapidly, and it is expected to continue to increase significantly in the third quarter. Research and development continue to deliver results, with the self-immunization innovative drug Tu Naji Zhuban monoclonal antibody approved for listing, and multiple products applied for listing being accepted. In addition, the company's stock-based incentive targets for 2024-2026 are respectively 13 billion yuan, 16.5 billion yuan, and 20.8 billion yuan, corresponding to year-on-year growth rates of 22%, 27%, and 26%. Over the next three years, innovative drugs are expected to continue to maintain high-speed growth. Considering the continued significant increase in innovative drug output, the "buy" rating is maintained.