Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's anesthesia business is growing steadily, with new pain management products driving future growth [5] - The company's revenue in 2023 reached 5,042 million yuan, a year-on-year increase of 17.28%, and net profit attributable to the parent company was 1,037 million yuan, up 15.12% year-on-year [4] - The company's R&D investment in 2023 was 614 million yuan, a year-on-year increase of 23.92%, with over 70 R&D projects in progress [5] - The company's anesthesia product revenue in 2023 was 2,702 million yuan, a year-on-year increase of 24.29% [5] - The company's net profit attributable to the parent company is expected to grow by 21.9%, 24.9%, and 24.2% in 2024-2026, reaching 1,264 million yuan, 1,579 million yuan, and 1,961 million yuan, respectively [5] Financial Performance - The company's revenue in 2023 was 5,042 million yuan, with a gross profit margin of 72.8% [6] - The company's net profit margin in 2023 was 20.6%, with a return on equity (ROE) of 16.1% [9] - The company's revenue is expected to grow by 20.4%, 20.2%, and 19.7% in 2024-2026, reaching 6,068 million yuan, 7,294 million yuan, and 8,729 million yuan, respectively [6] - The company's gross profit margin is expected to increase to 74.3%, 74.8%, and 75.4% in 2024-2026 [6] Business Segments - Anesthesia products: Revenue in 2023 was 2,702 million yuan, with a gross margin of 88.32% [7] - Psychiatric products: Revenue in 2023 was 92 million yuan, with a gross margin of 76.98% [7] - Neurological products: Revenue in 2023 was 127 million yuan, with a gross margin of 69.58% [7] - Other formulations: Revenue in 2023 was 154 million yuan, with a gross margin of 62.11% [7] - Active pharmaceutical ingredients (API): Revenue in 2023 was 146 million yuan, with a gross margin of 36.83% [7] - Commercial business: Revenue in 2023 was 709 million yuan, with a gross margin of 17.32% [7] Valuation and Forecast - The company's EPS is expected to be 1.25 yuan, 1.57 yuan, and 1.95 yuan in 2024-2026 [5] - The company's P/E ratio is expected to be 17.86x, 14.30x, and 11.51x in 2024-2026 [9] - The company's P/B ratio is expected to be 2.93x, 2.43x, and 2.01x in 2024-2026 [9] - The company's P/S ratio is expected to be 3.72x, 3.09x, and 2.59x in 2024-2026 [9] Industry Comparison - The average P/E ratio of comparable companies is 44x, 39x, 32x, and 27x for 2022-2025 [8] - The company's valuation is considered reasonable with a 2024 P/E range of 25-30x, corresponding to a fair value range of 31.25-37.50 yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance to exceed the market by over 20% [3][10]. Core Views - The company achieved a revenue of 5.042 billion yuan in 2023, representing a year-on-year increase of 17.28%. The net profit attributable to the parent company was 1.037 billion yuan, up 15.12% year-on-year [3][4]. - The report highlights steady growth in anesthetic products, with significant contributions from new products "Hydromorphone" and TRV130, which are expected to further increase sales volume [5][6]. - The company has over 20 innovative projects in the pipeline, with several clinical trials completed or ongoing, indicating a strong focus on research and development [5][6]. Financial Performance Summary - In 2023, anesthetic product revenue reached 2.702 billion yuan, a 24.29% increase, accounting for 53.60% of total revenue. Other segments include psychotropic products at 1.092 billion yuan (+3.74%) and commercial pharmaceuticals at 709 million yuan (+37.25%) [4][6]. - The company’s operating income is projected to grow to 6.018 billion yuan in 2024, with a year-on-year growth rate of 19.4%, and net profit is expected to reach 1.223 billion yuan, reflecting an 18.0% increase [6][7]. - The report provides a detailed financial forecast, with EPS expected to rise from 1.03 yuan in 2023 to 1.77 yuan by 2026, indicating a positive growth trajectory [6][7].

Compa n y U pda te Ch in a Res e ar ch Dep t . 2024年04月01日 恩华药业(002262.SZ) Buy 买进 王睿哲 C0062@capital.com.tw 2023年扣非净利同比增长16%，符合预期 目标价(元) 27 结论与建议： 公司基本资讯 产业别 医药生物  公司业绩：公司发布年报，2023年实现营收50.4亿元，YOY+17.3%,录得 A股价(2024/3/29) 22.40 归母净利润10.4亿元，YOY+15.1%，扣非后净利YOY+16.1%，公司业绩基 深证成指(2024/3/29) 9400.85 本符合预期。其中公司Q4单季度实现营收13.9亿元，YOY+17.6%,录得 股价12个月高/低 31.98/20.64 净利润1.5亿元，YOY-4.9%,扣非后净利1.3亿元，YOY-0.4%，Q4单季度 总发行股数(百万) 1007.59 净利负增长主要是22Q4少数股东权益部分影响基期，实际营业利润口径 A股数(百万) 881.76 YOY+14.2%。 A市值(亿元) 197.51 主要股东 徐州恩华投资有 分红预案：公司拟 ...

Financial Performance - The company's operating revenue for 2023 reached ¥5,041,504,467.27, representing a 17.28% increase compared to ¥4,298,513,062.14 in 2022[13]. - Net profit attributable to shareholders for 2023 was ¥1,036,918,058.61, up 15.12% from ¥900,926,029.55 in 2022[13]. - The net profit after deducting non-recurring gains and losses was ¥1,013,075,096.44, reflecting a 16.11% increase from ¥872,759,321.20 in 2022[13]. - The net cash flow from operating activities for 2023 was ¥1,008,300,046.42, which is a 17.10% increase from ¥861,023,149.69 in 2022[13]. - Basic earnings per share for 2023 were ¥1.03, a 15.73% increase compared to ¥0.89 in 2022[13]. - Total assets at the end of 2023 amounted to ¥7,328,195,368.67, marking a 13.07% increase from ¥6,481,745,574.76 at the end of 2022[13]. - The net assets attributable to shareholders increased by 14.46% to ¥6,434,141,487.48 from ¥5,622,248,624.37 in 2022[13]. - The company reported a weighted average return on equity of 17.28% for 2023, slightly up from 17.20% in 2022[13]. - Operating profit for the year was ¥1,182,344,167.98, an increase of 17.83% compared to the previous year[40]. - The total profit amounted to ¥1,168,644,097.61, reflecting an 18.06% growth year-on-year[40]. Dividend Distribution - The company plans to distribute a cash dividend of 3.20 CNY per 10 shares to all shareholders, based on a total of 1,007,588,092 shares[2]. - The company has not proposed any stock bonus or capital increase from reserves in the profit distribution plan[2]. - The cash dividend distribution plan proposes a cash dividend of CNY 3.20 per 10 shares, totaling CNY 322,428,189.44, which accounts for 100% of the distributable profit[140]. - The total distributable profit available for shareholders is CNY 4,813,019,143.98, after accounting for the previous year's dividend distribution[140]. - The retained undistributed profit after the dividend distribution will be CNY 4,490,590,954.54 for future allocation[140]. Research and Development - The company increased R&D investment to 614 million CNY, a growth of 23.92% year-on-year, with over 70 ongoing research projects[34]. - The company has 20 innovative drug projects and 41 generic drug projects currently under development, with 14 projects undergoing consistency evaluation[26]. - The company applied for 78 invention patents and 42 PCT patent applications during the reporting period, receiving 28 authorized invention patents[34]. - The company has completed Phase I clinical trials for several antidepressant drugs, with plans to initiate Phase II trials in 2024 for some of them[45]. - The company is preparing to submit IND applications for several new drugs in 2024[45]. - The company has a robust pipeline with 14 consistency evaluation projects and several products in preclinical research stages[44]. Market Position and Strategy - The pharmaceutical industry in China is experiencing rapid growth, becoming the second-largest drug consumption market globally, following the United States[21]. - The company is positioned in the central nervous system drug sector, which is critical for addressing mental health issues and neurodegenerative diseases[23]. - The company is a key producer and seller of central nervous system drugs in China, with a comprehensive product line and a strong competitive edge in the industry[26]. - The company anticipates ongoing opportunities in the pharmaceutical industry due to increasing health awareness and demand for high-quality medical services[22]. - The company is committed to leveraging new technologies and biopharmaceutical advancements to capture opportunities in the evolving healthcare landscape[23]. Regulatory and Compliance - The company has established a quality management system in accordance with GMP requirements, achieving recognition as an excellent quality management enterprise in Jiangsu Province[60]. - The company has maintained effective internal controls as per the internal control audit report dated March 30, 2024[147]. - The company strictly adhered to corporate governance regulations, ensuring no violations related to fund occupation or investor rights[148]. - The company has implemented a long-term mechanism to prevent the controlling shareholder from occupying company funds, ensuring the protection of shareholder rights[112]. - The company has established a complete procurement, production, sales, and R&D system, demonstrating its independent operational capability without reliance on the controlling shareholder[112]. Environmental Responsibility - Jiangsu Enhua's environmental management system is certified under ISO 14001, demonstrating commitment to environmental standards[151]. - The company achieved stable compliance in wastewater discharge, with COD levels at 7.55 and ammonia nitrogen at 0.55, well within regulatory limits[153]. - The company invested CNY 3 million in environmental protection measures, enhancing the efficiency of the waste gas collection system, achieving over 95% treatment efficiency[155]. - The company received a national special subsidy of CNY 1.33 million for the soil pollution source control project, which had a total investment of CNY 4 million[158]. - The company was awarded the "Green Factory" honor in Jiangsu Province in 2023, and its subsidiary received the title of "Environmental Protection Demonstration Enterprise" in Xuzhou[158]. Corporate Governance - The company has a strong governance structure with a board of directors, supervisory board, and independent directors ensuring oversight and accountability[116]. - The company has established a performance evaluation and incentive mechanism for its directors and managers, promoting transparency and accountability[110]. - The company has committed to social responsibility by participating in charitable activities and donating medicines and funds to local poverty alleviation efforts[111]. - The company actively engages with investors through various communication channels, enhancing transparency and investor relations[111]. - The company has a clear financial decision-making process, with independent bank accounts and tax registrations, ensuring compliance with legal requirements[113]. Future Outlook - The company aims for a 15% growth in business revenue, total profit, and net profit for 2024 compared to the audited figures for 2023[99]. - The company plans to accelerate the launch of 8 innovative drugs in clinical trials in 2024, including NH600001 and NH300231[99]. - The company expects to approve 4 generic drugs for market launch in 2024, including Pregabalin capsules and Alfentanil injection[99]. - The company plans to deepen its international strategy by accelerating international certification and registration of its products, while also seeking partnerships with foreign pharmaceutical companies[103]. - The company is committed to internal growth while considering external expansion through mergers and acquisitions to achieve market share growth[103].

江苏恩华药业股份有限公司 关于审计委员会对会计师事务所 2023 年度履职情况监督报告 根据《中华人民共和国公司法》《上市公司治理准则》《国有企业、上市公司选聘会计师事 务所管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 和江苏恩华药业股份有限公司（以下简称"恩华药业"或"公司"）的《公司章程》等有关规定和 要求，公司审计委员会本着勤勉尽责的原则，恪尽职守、认真履职，对立信会计师事务所（特 殊普通合伙）（以下简称"立信所"）2023 年度履职情况进行监督。具体情况如下： 一、2023 年年审会计师事务所基本情况 在执行审计工作的过程中，立信所就会计师事务所和相关审计人员的独立性、注册会计师 与财务报表审计相关的责任、计划的审计范围和时间安排、审计过程中遇到的重大事项、关键 审计事项、审计报告类型等与公司管理层和治理层进行了沟通。 （一）会计师事务所基本情况 三、审计委员会对会计师事务所的履职监督情况 根据公司《董事会审计委员会议事规则》等有关规定，审计委员会对立信所履行监督职责 的情况如下: （一）董事会审计委员会对立信所专业资质、业务能力、诚信状况、独立性、过往审计工 作 ...

江苏恩华药业股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 2023 年度 关于江苏恩华药业股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZA10457 号 江苏恩华药业股份有限公司全体股东： 我们审计了江苏恩华药业股份有限公司(以下简称"恩华药业公 司")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流量 表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2024 年 3 月 30 日出具了报告号为信会师报字(2024)第 ZA10456 号的【无 保留意见】审计报告。 恩华药业公司管理层根据中国证券监督管理委员会《上市公司监 管指引第 8 号——上市公司资金往来、对外担保的监管要求》（证监 会公告〔2022〕26 号）和《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》的相关规定编制了后附的 2023 年度非经营性资 金占用及其他关联资金往来情况汇总表（以下简称"汇总表"）。 编制汇总表并确保其真实、准确、完整是恩华药业公司管理层 ...

（本制度已经公司第六届董事会第九次会议审议修订，尚需股东大会审议通过后施行） 第一章 总 则 第一条 为保证江苏恩华药业股份有限公司（以下简称"公司"）规范运作和公司独立董事 依法行使职权，确保独立董事议事程序，完善独立董事制度，充分发挥独立董事的作用，根据 《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"《上市公司独立董事管理办法》（以下简称"《管理办法》"）《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》和《江苏恩华药业股份有限公司章程》（以 下简称"《公司章程》"）及其他有关法律、行政法规和规范性文件的规定，结合公司的实际情 况制定本工作制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与其所受聘的上市公司及其 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断 关系的董事。 江苏恩华药业股份有限公司 独立董事工作制度（修订稿） 第三条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应当忠实履行职责， 维护公司整体利益，尤其要关注中小股东的合法权益不受损害。独立董事应当独立履行 ...

董事会对独立董事独立性评估的专项意见 江苏恩华药业股份有限公司 江苏恩华药业股份有限公司董事会 根据证监会《上市公司独立董事管理办法》、深圳证券交易所《股票上市规则》《深圳证券 交易所上市公司自律监管指引第1号——主板上市公司规范运作》等相关规定要求，江苏恩华 药业股份有限公司（以下简称"公司"）董事会就公司在任独立董事王广基、印晓星、李玉兰、 陈国祥的独立性情况进行评估并出具如下专项意见： 2024年3月28日 经核查独立董事王广基、印晓星、李玉兰、陈国祥的任职经历以及签署的相关自查文件， 公司董事会认为上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东单位 及其附属企业担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行 独立客观判断的关系，不存在影响独立董事独立性的情况。因此，公司独立董事符合《上市公 司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运 作》中对独立董事独立性的相关要求。 ...

江苏恩华药业股份有限公司章程修正案 2024年3月28日，江苏恩华药业股份有限公司召开了第六届董事会第九次会 议，会议审议通过了《关于修订<公司章程>的议案》，并决定提请公司2023年年 度股东大会审议表决。具体修改的内容如下： | 修订前 | | 修订后 | | --- | --- | --- | | 第二十五条 公司因本章程第二十三条第 | 第二十五条 | 公司因本章程第二十三条第（一） | | （一）项、第（二）项规定的情形收购本公司股份 | | 项、第（二）项规定的情形收购本公司股份的，应当 | | 的，应当经股东大会决议；公司因本章程第二十三 | | 由董事会依法作出决议，并提交股东大会审议，经出 | | 条第（三）项、第（五）项、第（六）项规定的情 | | 席会议的股东所持表决权的三分之二以上通过；公司 | | 形收购本公司股份的，可以依照公司章程的规定或 | | 因本章程第二十三条第（三）项、第（五）项、第（六） | | 者股东大会的授权，经三分之二以上董事出席的董 | | 项规定的情形收购本公司股份的，须经三分之二以上 | | 事会会议决议。 | | 董事出席的董事会会议决议后实施，无需再提交 ...

江苏恩华药业股份有限公司独立董事 关于续聘会计师事务所的事前认可意见 根据《上市公司治理准则》和《深圳证券交易所股票上市规则》以及《公司 章程》等有关规定，我们作为江苏恩华药业股份有限公司（以下简称"公司"） 的独立董事，认真审阅了公司第六届董事会第九次会议拟审议的相关议案，对 拟审议的《关于续聘会计师事务所的议案》，基于独立判断，对公司拟续聘会 计师事务所发表事前认可意见如下： 经核查，鉴于立信会计师事务所（特殊普通合伙）在为公司提供2023年度 审计服务的过程中，恪尽职守，遵循独立、客观、公正的执业准则，全面完成 了审计相关工作。 本次续聘会计师事务所有利于保障公司审计工作的质量，有 利于保护公司及其他股东利益、尤其是中小股东利益，立信会计师事务所（特 殊普通合伙）具备足够的独立性、专业胜任能力、投资者保护能力。本次续聘 会计师事务所符合相关法律法规、规范性文件及《公司章程》的规定。为保持 公司审计工作的连续性和稳定性，我们同意将《关于续聘会计师事务所的议 案》提交公司董事会审议。 （此页以下无正文） 2024年3月28日 2 1 （本页无正文，为《独立董事关于续聘会计师事务所的事前认可意见》之签字 页） ...