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 ...

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[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].

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].