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 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in H1 2024 was stable and in line with expectations, with revenue of 2.763 billion yuan (+15.1% YoY) and net profit attributable to the parent company of 629 million yuan (+15.5% YoY) [3] - The company's traditional advantage products, midazolam and etomidate, maintain a leading position in the industry, with midazolam being reclassified as a Class I psychotropic drug from July 1, 2024, which is expected to optimize the competitive landscape and enhance entry barriers [3] - The company has a rich pipeline of R&D projects, with 20 innovative drug projects and 44 generic drug projects in progress, including NH600001 emulsion injection in Phase III clinical trials [3] - The company's newly approved anesthetic products, such as oxycodone, remifentanil, sufentanil, and alfentanil, have shown rapid growth and are the main drivers of current growth [3] - The company's innovation and BD products are expected to gradually contribute to long-term performance growth, with products like oliceridine and antetan expected to reach high sales peaks [3] Financial Performance and Forecast - Revenue for 2024E is expected to be 5.974 billion yuan (+18.5% YoY), with net profit attributable to the parent company of 1.204 billion yuan (+16.13% YoY) [2] - EPS for 2024E is forecasted to be 1.20 yuan per share, with a P/E ratio of 20.10x [2] - Revenue for 2025E is projected to reach 7.061 billion yuan (+18.2% YoY), with net profit attributable to the parent company of 1.409 billion yuan (+16.99% YoY) [2] - EPS for 2025E is expected to be 1.40 yuan per share, with a P/E ratio of 17.18x [2] - Revenue for 2026E is anticipated to be 8.334 billion yuan (+18.02% YoY), with net profit attributable to the parent company of 1.664 billion yuan (+18.11% YoY) [2] - EPS for 2026E is forecasted to be 1.65 yuan per share, with a P/E ratio of 14.55x [2] Business Segments - Pharmaceutical industry revenue in H1 2024 was 2.359 billion yuan (+14.5% YoY), while commercial pharmaceutical revenue was 359 million yuan (+23.6% YoY) [3] - Anesthetic products revenue was 1.522 billion yuan (+20.0% YoY), psychiatric products revenue was 595 million yuan (+8.2% YoY), neurological products revenue was 80 million yuan (+8.5% YoY), and API revenue was 96 million yuan (+26.6% YoY) [3] R&D and Innovation - R&D expenses in H1 2024 increased by 13% YoY, with 20 innovative drug projects and 44 generic drug projects in progress [3] - NH600001 emulsion injection is in Phase III clinical trials, and other innovative and BD products are expected to contribute to long-term growth [3] Market Data - The closing price of the stock is 24.02 yuan, with a one-year low/high of 20.64/29.42 yuan [5] - The P/B ratio is 3.59x, with a circulating A-share market value of 21.181 billion yuan and a total market value of 24.202 billion yuan [5] Financial Ratios - The company's gross margin is expected to remain stable at around 72.8% from 2024E to 2026E [8] - The net profit margin attributable to the parent company is forecasted to be around 20% from 2024E to 2026E [8] - The ROE is expected to be around 16% from 2024E to 2026E [9] Cash Flow and Capital Expenditure - Operating cash flow for 2024E is projected to be 1.233 billion yuan, with capital expenditure of 290 million yuan [9] - Net cash increase for 2024E is expected to be 681 million yuan [9]

江苏恩华药业股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高江苏恩华药业股份有限公司（以下简称"公司"）应对舆情的能力，建 立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、商业信誉及正常生产经营 活动造成的影响，切实保护投资者合法权益，根据相关法律法规和《公司章程》的规定，特制 定本制度。 第二条 适用范围 本制度适用于公司全体员工及相关利益相关者，涵盖所有涉及公司的舆情事件和信息。 第三条 舆情定义和分类 （一）舆情定义：舆情包括报刊、电视、网络等媒体对公司进行的负面报道，社会上传言 或信息，可能或已经影响投资者投资取向的信息，以及其他涉及公司信息披露且可能对公司股 票及其衍生品交易价格产生较大影响的事件信息。 （一）舆情工作组是公司应对各类舆情处理工作的领导机构，统一领导公司应对舆情的处 理工作，就相关工作做出决策和部署，根据需要研究决定公司对外发布的相关信息，主要工作 职责包括： 1、决定启动和终止舆情处理工作的相关事宜。 2、评估各类舆情信息对公司可能造成的影响，拟定处理方案。 3、组织和协调舆情处理过程中的对外宣传报道工作。 4、负责与监管部门的信息沟通工作。 （二）舆情分类 ...

Financial Performance - The company reported a revenue of 1.2 billion CNY for the first half of 2024, representing a year-on-year increase of 15%[7]. - The net profit attributable to shareholders reached 300 million CNY, up 20% compared to the same period last year[7]. - The company's operating revenue for the reporting period was ¥2,763,398,107.90, representing a year-on-year increase of 15.13% from ¥2,400,328,791.85[12]. - Net profit attributable to shareholders was ¥628,920,268.32, up 15.46% compared to ¥544,703,014.00 in the same period last year[12]. - The total profit amounted to CNY 720,992,469.54, which is a 15.92% increase year-on-year[23]. - The company achieved operating revenue of ¥2,763,398,107.90, a year-on-year increase of 15.13%[35]. - The net profit for the first half of 2024 was CNY 720,992,469.54, compared to CNY 621,989,781.31 in the first half of 2023, marking an increase of around 15.9%[112]. Research and Development - The company plans to invest 200 million CNY in R&D for new drug development in the CNS and anti-anxiety segments[7]. - The company invested CNY 318,900,828.97 in R&D during the reporting period, an increase of 13.03% compared to the previous year, with over 70 ongoing projects[19]. - There are currently more than 20 innovative drug projects under development, including 1 in Phase III, 2 in Phase II, and 4 in Phase I clinical trials[19]. - The company has filed 51 invention patents and 7 PCT patent applications during the reporting period, receiving 5 authorized invention patents[19]. - The company has established a high-end CNS drug delivery system R&D platform to address issues such as patient compliance and addiction[25]. - The company is focusing on enhancing its research and development capabilities to innovate and improve its product offerings[132]. Market Expansion - The company has expanded its market presence by entering three new provinces, increasing its distribution network by 30%[7]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach[7]. - The company continues to expand its market share in key product areas, demonstrating strong growth potential and rapid development[20]. - The company is actively pursuing regulatory approvals for several drugs, with multiple products currently under review, highlighting its commitment to expanding its market presence[27]. - The company is focusing on expanding its retail, grassroots, and private hospital channel networks to increase the accessibility and adherence of patients to its products[38]. Product Development - The company has launched two new products in the anti-depressant category, expected to contribute an additional 100 million CNY in revenue[7]. - The company has launched 3 production batches for generic drugs and has 9 projects under review for generic drug production[19]. - Recent product launches include sufentanil injection and hydromorphone injection, targeting high-potential markets such as preoperative anxiety and postoperative pain management[30]. - The company has a total of 20 innovative drug projects in various stages of development, reflecting a robust R&D pipeline[27]. - The company is advancing its research on multiple new drugs, with a focus on mental health and pain management, indicating a strategic emphasis on these therapeutic areas[27]. Financial Management - The company has no plans to distribute cash dividends or issue bonus shares for this fiscal year[2]. - The company’s investment activities generated a net cash outflow of ¥949,081,964.49, a significant decrease compared to a net inflow of ¥194,692,546.17 in the previous year, primarily due to increased purchases of short-term financial products[42]. - The company is committed to cost control and budget management to ensure operational efficiency and financial stability[39]. - The company has implemented a performance management system to align individual and organizational goals, enhancing work efficiency and establishing a long-term incentive mechanism through a restricted stock incentive plan for 2024[40]. Risk Management - The company faces risks related to regulatory changes and market competition, which are detailed in the risk management section of the report[2]. - The company must invest substantial funds annually in drug research and development, facing risks of innovation failure and extended development cycles due to stringent regulations[57]. - Environmental risks arise from waste emissions during production, which could lead to pollution and social repercussions if not managed properly[57]. - The company is addressing the risk of talent shortages as it expands and diversifies its operations[57]. Environmental Responsibility - The company has established a wastewater treatment system with a capacity of 800t/d at the Jinshan Bridge plant, ensuring that all monitored results show stable compliance with discharge standards[72]. - The company has implemented a comprehensive environmental management system to meet national and local environmental laws and standards[69]. - The company invested approximately 4.74 million yuan in environmental governance and protection during the reporting period, focusing on the purchase of environmental protection equipment and facility upgrades[75]. - The company has achieved compliance in all environmental monitoring results for wastewater and air emissions, as verified by third-party assessments[76]. Shareholder Information - The company reported a total of 1,007,588,092 shares outstanding, with 12.48% being subject to restrictions and 87.52% being unrestricted[90]. - The top ten shareholders include Xu Zhou Enhua Investment Co., Ltd. with 320,096,321 shares (31.77%), Zhang Xu with 21,852,900 shares (2.17%), and China Industrial Bank with 20,735,834 shares (2.06%) among others[99]. - The company continues to maintain a stable share structure with no major changes in shareholder composition reported[90]. - The company has not reported any changes in accounting policies or prior period error corrections during the current period[127].