Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved a revenue of 5.04 billion yuan in 2023, representing a year-on-year increase of 17.3%. The net profit attributable to shareholders was 1.04 billion yuan, up 15.1% year-on-year, with a net profit excluding non-recurring items of 1.01 billion yuan, reflecting a 16.1% increase [2][3] - The company's cash flow from operating activities was 1.01 billion yuan, an increase of 17.1% year-on-year, with a gross margin of 72.8%, down 3.43 percentage points year-on-year [2] - In Q4 2023, the company reported a revenue of 1.39 billion yuan, a year-on-year increase of 17.58%, but the net profit attributable to shareholders decreased by 4.89% to 151 million yuan [3] - The company has over 70 research projects underway, with R&D expenses of 614 million yuan in 2023, a growth of 23.92% compared to the previous year [3] - The company is focused on central nervous system drugs, with significant growth expected from its pain relief product line and new product launches [4] Financial Summary - For 2023, the company reported a revenue of 5.04 billion yuan and a net profit of 1.04 billion yuan, with projected revenues of 5.96 billion yuan in 2024, 7.12 billion yuan in 2025, and 8.54 billion yuan in 2026, reflecting growth rates of 18.3%, 19.5%, and 19.8% respectively [5] - The gross margin is expected to be 71.3% in 2024, 71.6% in 2025, and 70.8% in 2026, while the return on equity (ROE) is projected to increase from 16.1% in 2023 to 18.0% in 2026 [5][6] - The earnings per share (EPS) are forecasted to be 1.21 yuan in 2024, 1.46 yuan in 2025, and 1.76 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18X, 15X, and 12X [4][5]

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[恩ITnaf 华bol]e 药_Ti业tle]( 002262) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩稳健增长，新品有望加速放量 目标价格： 29.53 上次预测： 29.50 公 ——恩华药业2023 年年报点评 当前价格： 22.82 司 丁丹(分析师) 甘坛焕(分析师) 姜铸轩(研究助理) 2024.04.03 更 0755-23976735 021-38675855 021-38674878 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com gantanhuan028803@gtjas.com jiangzhuxuan029022@gtjas.com 证书编号 S0880514030001 S0880523080007 S0880123100004 52周内股价区间（元） 21.36-31.60 报 总市值（百万元） 22,993 告 本报告导读： 总股本/流通A股（百万股） 1,008/882 公司业绩符合预期，收入逐季提升，麻醉业务维持高速 ...

2024年04月02日 公 司点评 公 买入 / 维持 司 恩华药业(002262) 研 究 昨收盘:22.19 恩华药业：麻醉镇痛产品放量，驱动业绩稳健增长  走势比较 事件：2024年3月29日，公司发布 2023年年度报告：全年实现营 业收入50.42亿元，同比增长17.28%；归母净利润10.37亿元，同比增长 30% 15.12%；扣非归母净利润 10.13 亿元，同比增长 16.11%；基本每股收益 太 18% 1.03元，同比增长15.73%。 平 其中，公司第四季度实现营业收入13.86亿元，同比增长17.58%；归 6% 洋 证 (6%)3/4/32 41/6/32 52/8/32 5/11/32 61/1/42 82/3/42 母 下净 滑利 0.润 42%1. 。51 亿元，同比下滑4.76%；扣非归母净利润 1.27亿元，同比 (18%) 券 (30%) 麻醉线稳定增长，商业板块快速增长。（1）麻醉线业务：院内诊疗复 股 苏叠加管制类麻醉镇痛产品（羟考酮、瑞芬太尼、舒芬太尼和阿芬太尼等） 份 恩华药业 沪深300 快速放量，2023 年麻醉线实现营业收入 27.02 亿元，同比增长 ...

证券研究报告 | 年报点评报告 2024年04月01日 恩华药业（002262.SZ） 利润受减值影响实际符合预期，大单品放量有望带动业绩加速 恩华药业发布2023年年报。公司2023年实现营业收入50.42亿元，同比增长17.28%； 买入（维持） 实现归母净利润 10.37 亿元，同比增长 15.12%；扣非归母净利润 10.13 亿元，同比增长 16.11%。 股票信息 单看Q4，公司实现营业收入13.86亿元，同比增长17.58%；实现归母净利润1.51亿元， 行业 化学制药 同比下滑4.76%；扣非归母净利润1.27亿元，同比下滑0.42%。 前次评级 买入 观点：利润受减值影响实际符合预期，大单品放量有望带动业绩加速。 3月29日收盘价(元) 22.40 分季度看，Q1-4公司收入分别为11.79亿元、12.22亿元、12.56亿元、13.86亿元，同比 增速分别为18.76%、21.12%、12.21%、17.58%，均实现同比快速增长，其中Q3主要受 总市值(百万元) 22,569.97 反腐影响；利润端影响来自2023年信用减值1511万元、资产减值3327万元高于2022年 总股本(百万股 ...

◆ ◆ 300 30% 20% 10% ◆ 0% -10% -20% -30% 23-04 23-06 23-08 23-11 24-01 24-04 ◆ ...

[Table_Page] 年报点评|化学制药 证券研究报告 [恩Table华_Title药] 业（002262.SZ） [公Tab司le_评Inv级est ] 买入 当前价格 22.82元 业绩稳定增长，麻醉类新品持续放量 合理价值 34.01元 前次评级 买入 [Table_Summary] 核心观点： 报告日期 2024-04-06 ⚫ 公司发布2023年年报：公司2023年实现营收50.42亿元(+17.3%， [相Tab对le_市Pic场Quo表te] 现 以下均为同比口径)；归母净利润10.37亿元(+15.1%)；扣非归母净利 润10.13亿元(+16.1%)；经营活动现金流净额为10.08亿元(+17.1%)。 30% 20% 2023年Q4单季度实现收入13.86亿元(+17.6%)，归母净利润1.51亿 9% 元(-4.8%)，扣非归母净利润 1.27 亿元(-0.4%)，经营活动现金流净额 -1% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 为1.90亿元(-14.1%)。 -12% ⚫ 产品结构持续优化，麻药新品放量迅速。分板块看，公司2023年麻 ...

注册分类：化学药品第1类 证券代码：002262 证券简称：恩华药业 公告编号：2024-014 江苏恩华药业股份有限公司 关于NH103获得《药物临床试验批准通知书》的公告 本公司及董事会全体人员保证公告内容真实、准确和完整，并对公告中的虚假记载、误导 性陈述或者重大遗漏承担责任。 江苏恩华药业股份有限公司(以下简称"公司")于近日收到国家药品监督管理局(以下简称 "药监局")核准签发的1类化学药品NH103草酸盐片的《药物临床试验批准通知书》。现将具体 情况公告如下： 一、NH103草酸盐片《药物临床试验批准通知书》主要内容 药品名称：NH103草酸盐片 受理号：CXHL2400051、CXHL2400052、CXHL2400053、CXHL2400054 剂型：片剂 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，2024年01月10日受 理的NH103草酸盐片符合药品注册的有关要求，同意本品开展抗抑郁症的临床研究。 二、药物基本信息 NH103对常用抗抑郁靶点5-羟色胺转运蛋白(Serotonin Transporter, SERT)和抗抑郁活性增 效靶点5HT2A/5HT2C 受体均有 ...

[Table_StockInfo] 买入 2024年 03月 30日 （维持） 证券研究报告•2023年年报点评 当前价： 22.40元 恩华药业（002262） 医药生物 目标价： ——元（6个月） 麻醉新品保持快速增长，创新研发加速推进 投资要点 西南证券研究发展中心 [T ab业le绩_S总u结mm：a公ry司] 2023年度实现营业收入50.42亿元（同比增长17.28%），实现 [分Ta析bl师e_：Au杜th向or阳] 归母净利润 10.37亿元（同比增长 15.12%）；扣非归母净利润 10.13亿元（同 执业证号：S1250520030002 比增长16.11%）。 电话：021-68416017  “羟瑞舒阿”保持快速增长，利润率保持稳健。公司高度重视市场准入、学术 邮箱：duxy@swsc.com.cn 推广及市场医学服务支持等工作，在多个学科投入大量临床科研基金项目，使 公司近年获批的麻醉系列产品（瑞芬太尼、舒芬太尼、羟考酮等）实现了快速 [相Tab对le指_Q数u表ot现eP ic] 增长，2023年麻醉板块实现收入27亿元（+24.3%），占营收比重由2022年的 恩华药业 沪深 ...

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].