[Table_Main] 证券研究报告 | 公司点评 恩华药业(002262.SZ) 2024 年 08 月 02 日 买入（维持） 所属行业：医药生物/化学制药 当前价格(元)：25.65 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 吴明华 资格编号：S0120524050002 邮箱：wumh3＠tebon.com.cn 市场表现 恩华药业 沪深300 -23% -11% 0% 11% 23% 34% 2023-08 2023-12 2024-04 2024-08 | --- | --- | --- | --- | |-------------|-------|-------|-------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | 8.05 | 7.59 | 3.91 | | 相对涨幅(%) | 9.27 | 12.08 | 9.04 | 资料来源：德邦研究所，聚源数据 相关研究 1.《恩华药业（002262.SZ）：业绩符合 预期，看好麻醉管线长期增长空间》， 2023.10.26 2.《恩华药业（00 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The anesthetics business continues to show high growth, while the mental and neurological segments are stabilizing. Key new products are entering a growth phase [3]. - The company achieved revenue of 2.763 billion and net profit attributable to shareholders of 629 million in H1 2024, representing year-on-year increases of 15.13% and 15.46%, respectively [8]. - The target price has been adjusted to 31.46, up from the previous 29.15, based on a PE ratio of 26 times for 2024 [8]. Financial Performance - In H1 2024, the anesthetics segment generated revenue of 1.522 billion, a year-on-year increase of 20.04%, accounting for 55.09% of total revenue [8]. - The mental and neurological product revenues were 595 million and 80 million, respectively, with year-on-year growth of 8.17% and 8.51% [8]. - Operating cash flow improved significantly, with a net cash flow of 622 million, up 39.51% year-on-year [8]. Research and Development - R&D investment increased to 319 million in H1 2024, a year-on-year rise of 13.03%, with several key new products expected to contribute to revenue growth [8]. - The company has over 20 innovative drug projects in the pipeline, with NH600001 entering Phase III clinical trials [8]. Market Position - The company is expected to maintain its leading position in the domestic market, especially after the adjustment of midazolam injection from a Class II to a Class I controlled substance [8].

2024 年 07 月 30 日 公司点评 买入/维持 恩华药业(002262) 昨收盘:24.02 恩华药业：24H1 业绩符合预期，新品放量驱动稳健增长 走势比较 (30%) (20%) (10%) 0% 10% 20% 23/7/31 23/10/1223/12/2424/3/624/5/1824/7/30 恩华药业 沪深300 股票数据 总股本/流通(亿股) 10.08/8.82 总市值/流通(亿元) 242/212 12 个月内最高/最低价 (元) 29.42/20.64 相关研究报告 <<恩华药业年报点评：麻醉镇痛产品 放量，驱动业绩稳健增长>>--2024- 04-03 <<引进 TEVA 安泰坦，深化 CNS 领域 合作布局>>--2024-02-29 <<恩华药业：精麻赛道领头羊，创新 发展新机遇>>--2023-11-22 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 证券分析师：张懿 电话：021-58502206 E-MAIL：zhangyi@tpyzq.com 分析师登记编号：S119 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][11]. Core Views - The company reported a revenue of 2.76 billion yuan in H1 2024, representing a 15.1% increase year-on-year, and a net profit of 630 million yuan, up 15.5% [1]. - The core business segment, anesthetics, significantly contributed to the overall high growth, achieving a revenue of 1.52 billion yuan in H1 2024, which is a 20.0% increase and accounts for 55.1% of total revenue [1]. - The company has set clear performance targets through its equity incentive plan, aiming for net profit growth rates of no less than 15%, 33%, and 56% for 2024, 2025, and 2026 respectively [1][2]. Financial Performance - The company’s revenue projections for 2024-2026 are 5.98 billion yuan, 7.20 billion yuan, and 8.69 billion yuan, with growth rates of 19%, 20%, and 21% respectively [3]. - The expected net profit for the same period is 1.22 billion yuan, 1.47 billion yuan, and 1.77 billion yuan, with growth rates of 18%, 20%, and 21% [3]. - The company maintained a gross margin of 72.5% and a net margin of 22.7% in H1 2024, indicating strong profitability [1]. Research and Development - The company invested 320 million yuan in R&D in H1 2024, a 13.0% increase year-on-year, with over 70 projects in development, including more than 20 innovative drug projects [2]. - Key innovative drug projects include NH60001, which is in Phase III clinical trials, and NHL35700, which is in Phase II [2]. Market Position - The company is currently viewed as relatively undervalued, considering its growth potential and diverse product pipeline [3].

华西证券股份有限公司 HUAXI SECURITIES CO.,LTD. 证券研究报告 | 公司总计报告 2024 年 07 月 31 日 业绩符合预期，坚持"持续聚焦，创新驱动" 友 展 战略 恩华药业 (002262) 李介斌走 公司千 7 月 31 日发布 2024 年中报，2024H1 实现密收 27.6 亿 无(yoy +15.1%)，均辛冷利润 6.3 亿元(yoy +15.5%)，标非冷 利润 6.3 亿元(yoy +16.3%)：24H1 毛利率/少量冷利率/补非少 寺 冷 利 牟 分 分 为 72.5%/22.8%/22.9% ， 同 比 – 1. 2/+0. 1/+0. 2pcts: 学季度看，2402 实现状入 13.5 亿元(yoy +10.4%)，均导冷利 河 3. 6 亿 乙 (yoy +14. 6%) . 标非 净 利 河 3. 7 亿 乙 (yoy +16.0%)，2402 毛利率/归草冷利率/标非归草冷利率分别为 73.1%/27.0%/27.2%，同比-1.1/+1.0/+1.3pcts：业绩将令表们 货期。 办孩新产品市场准入，办孩专业化护广力度，全面促进 产品前主模升 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.76 billion yuan in the first half of 2024, representing a year-on-year growth of 15.1%, and a net profit attributable to shareholders of 630 million yuan, up 15.5% [2] - The growth is driven by the strong performance of new products "Jingru Shua A" and "Aosailidin," alongside effective market penetration in county-level healthcare and the sleep market [2] - The company continues to invest in R&D, with 320 million yuan allocated in the first half of 2024, a 13% increase year-on-year, and multiple clinical trials underway for innovative drugs [2] Summary by Sections Performance Summary - Revenue for the first half of 2024 reached 2.76 billion yuan, a 15.1% increase - Net profit attributable to shareholders was 630 million yuan, reflecting a 15.5% growth - The gross margin stood at 72.5%, a decrease of 1.25 percentage points, while the net margin remained stable at 22.67% [2] R&D and Innovation - R&D expenses accounted for 10.9% of revenue, an increase of 1 percentage point - The company is advancing several clinical projects, including one Phase III and two Phase II trials, with plans to submit three clinical applications in the second half of 2024 [2] Profit Forecast and Investment Advice - The company is expected to generate net profits of 1.21 billion yuan, 1.42 billion yuan, and 1.74 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 16, and 13 [3] - The report emphasizes the potential of TRV130 to continuously drive performance [3]

Investment Rating - The investment rating for the company is "Buy" [4][5]. Core Insights - The company achieved a revenue of 2.76 billion RMB in the first half of 2024, representing a year-over-year increase of 15.1%, with a net profit of 630 million RMB, also up by 15.5% year-over-year [4]. - The anesthetics segment showed significant growth, with revenue reaching 1.52 billion RMB, a year-over-year increase of 20.0%, driven by the increasing sales of sufentanil and alfentanil [4]. - The company has a robust pipeline with over 70 projects in development, including more than 20 innovative drugs, which is expected to support long-term growth [4]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a current A-share price of 24.02 RMB as of July 30, 2024, and a target price of 28 RMB [2][4]. - The company has a market capitalization of 21.18 billion RMB and a total share count of approximately 1,007.59 million shares [2]. Financial Performance - In Q2 2024, the company reported a revenue of 1.41 billion RMB, with a net profit of 360 million RMB, reflecting a year-over-year increase of 14.6% [4]. - The overall gross margin for Q2 was 74.2%, with a slight increase of 0.1 percentage points year-over-year [4]. Future Projections - The company is expected to achieve net profits of 1.26 billion RMB, 1.51 billion RMB, and 1.80 billion RMB for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 21.0%, 20.0%, and 19.5% [5][6]. - The estimated earnings per share (EPS) for the same years are projected to be 1.25 RMB, 1.49 RMB, and 1.79 RMB, with corresponding price-to-earnings (P/E) ratios of 19, 16, and 13 [5][6].

迁泰将投告 息學第主 (002262 CH) 2024 北美食落长 부휴坏充 2024 年７月 30 日 | 中国内地 个板点评 免争创资 2Q24 编种编徙增长地势，2H24 本堂业绩装过，编种买入评级 公司 7/30 发布 24 辛中报，1H24 实现容状 27.6 亿元（+15.1%yoy） 归丰 净利润 6.3 亿元 (+15.5%yoy)，标非净利润 6.3 亿元 (+16.3%yoy)，共中 2Q24 容妆 14.1 亿元 (+15.1%yoy)，归乒净利润 3.6 亿元 (+14.6%yoy), わ非冷利润 3.7 亿元 (+16.0%yoy). 除 3Q23 客现固未影响外，收入 5 个 季度价格 15%+增速（收入网比增速：1Q23/2Q23/3Q23/4Q23/1Q24/2Q24 18.8/21.1/12.2/17.6/15.2/15.1%)。考虑到 2H23 货基贫，表们预期 2H24 公司有望在吃搞诊疗复苏、至创麻醉这里及新品上市的多变强分下业绩增长 找逢，逆未业绩与估值或升。 表们给予公司 24-26 年 EPS 1.23/1.50/1.85 え，分亭估值法给予日标价 34.29 ㄤ ...

Investment Rating - The investment rating for the company is "Buy" (首次) [2][4] Core Views - The company has demonstrated steady revenue growth, with a 15.13% year-on-year increase in revenue to 2.763 billion yuan and a 15.46% increase in net profit to 629 million yuan in the first half of 2024. The gross margin is 72.50%, and the net margin is 22.67% [4] - The company focuses on central nervous system drugs, benefiting from the recovery in surgical volumes and the expanding application scenarios for anesthetics. Key products such as "羟瑞舒阿" and TRV130 are expected to continue contributing to revenue [4][5] - The company maintains its profit forecast, expecting net profits of 1.181 billion, 1.401 billion, and 1.668 billion yuan for 2024-2026, with corresponding EPS of 1.17, 1.39, and 1.66 yuan per share [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 2.763 billion yuan, with anesthetic products generating 1.522 billion yuan (up 20.04%), accounting for 55.09% of total revenue. The commercial pharmaceutical revenue was 359 million yuan (up 23.64%) [5] - The company has established a differentiated competitive advantage for its products, with ongoing clinical research for innovative drugs, including one phase III project and two phase II projects [6] - The financial projections indicate a steady increase in revenue and net profit, with expected revenues of 6.014 billion, 7.256 billion, and 8.842 billion yuan for 2024-2026, and net profits of 1.181 billion, 1.401 billion, and 1.668 billion yuan for the same period [7]

证券研究报告 | 半年报总评 2024 午 07 月 31 日 恩华药业（002262.SZ） 业绩符合预期，看好 24H2 院内刚需加速 思舉辦业東方 2024 年半年視。公司 2024 年上半年实现密业收入 27.63 亿元，同比增长 15.13%; 突现归寻净利润 6.29 亿元，同比增长 15.46%; 标非归非净利润 6.34 亿元，同比增长 16.27%。单获悉 Q2 实现营业就入 14.06 亿元，同比增长 15.09%； 实现归母净利润 3.64 亿元，同比增长 14.61%: 标非归寻净利润 3.67 亿元，同比增长 16.02%. 观点：业绩将合预剪，清好 24H2 防内附靠加途。 2024H1 公司收入实现了稳步快递增长，表们预计主要未自经考码、琉芬 太尼、野茶太尼、阿茶太尼、TRV130、安泰投等新品拉动，利润减同比增 连快子救入，净利润率 22.76%同比上升 0.07pp。在新款推广的背景下销 各贵用牛下降，经营效率较升。23Q2 状入利润同比增速都超过了 20%, 基督相对比较高。24Q2 环比 24Q1 利润增速也达到了 37%的较高水子。 财务模林才面：2024H1 公司特告 ...