Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential upside in stock price [2][31]. Core Views - The company is experiencing rapid growth in its anesthetic product sales, with a 94.5% year-on-year increase. The core product, Remimazolam, is expected to submit an NDA in the U.S. within the year [2][31]. - The company has entered a harvest phase for its innovative drug pipeline, with 12 Class 1 innovative drugs in clinical stages. Notable products include HSK16149 for diabetic peripheral neuropathy and HSK21542 for postoperative pain [3][31]. - The financial forecast predicts revenue growth from CNY 40.15 billion in 2024 to CNY 58.85 billion in 2026, with net profit expected to rise from CNY 4.51 billion to CNY 9.16 billion during the same period [3][31]. Financial Forecasts and Metrics - Revenue (CNY million): 3,015 in 2022, 3,355 in 2023, projected 4,015 in 2024, 4,931 in 2025, and 5,885 in 2026, reflecting growth rates of 8.7%, 11.3%, 19.7%, 22.8%, and 19.3% respectively [1][3]. - Net profit (CNY million): 277 in 2022, 295 in 2023, projected 451 in 2024, 659 in 2025, and 916 in 2026, with growth rates of -19.7%, 6.5%, 52.7%, 46.3%, and 39.0% respectively [1][3]. - Earnings per share (CNY): 0.26 in 2022, 0.26 in 2023, projected 0.40 in 2024, 0.59 in 2025, and 0.82 in 2026 [1][3]. - EBIT Margin: Expected to increase from 4.9% in 2022 to 16.9% in 2026 [1][3]. - Return on Equity (ROE): Projected to rise from 9.1% in 2022 to 15.5% in 2026 [1][3]. - Price-to-Earnings Ratio (PE): Expected to decrease from 117.3 in 2022 to 36.7 in 2026 [1][3]. - Price-to-Book Ratio (PB): Expected to decline from 10.70 in 2022 to 5.69 in 2026 [1][3]. Product Performance - Anesthetic products generated CNY 8.50 billion in sales, a 94.5% increase year-on-year. The core product, Remimazolam, has gained significant market share in the domestic intravenous anesthesia market [2][3]. - The company’s nutritional products generated CNY 6.15 billion in sales, a slight decline of 4.1% year-on-year, with a gross margin of 60.79% [2][3]. - The oncology antiemetic and hepatobiliary digestive products generated sales of CNY 2.12 billion and CNY 0.67 billion, respectively, with year-on-year changes of -20.3% and +1.5% [2][3]. Valuation - The absolute valuation range for the company is estimated to be between CNY 31.95 and CNY 34.38, indicating a potential upside of 6% to 14% from the current stock price [3][31]. - The relative valuation suggests a price range of CNY 33.40 to CNY 35.25 based on comparable companies in the industry [3][31].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first rating given [1]. Core Views - The company has shown rapid growth in anesthetic product sales, with a 94.5% year-on-year increase in sales revenue for the anesthetic product, remimazolam [2][3]. - The company achieved a revenue of 3.355 billion yuan in 2023, representing an 11.3% increase year-on-year, and a net profit of 295 million yuan, which is a 6.5% increase year-on-year [2][7]. - The innovative drug transformation is beginning to yield results, with a robust pipeline of 12 innovative drugs in clinical stages [3][19]. Financial Forecast and Key Metrics - Revenue projections for 2024, 2025, and 2026 are estimated at 4.015 billion yuan, 4.931 billion yuan, and 5.885 billion yuan, respectively, with corresponding net profits of 451 million yuan, 659 million yuan, and 916 million yuan [3][29]. - The company’s EBIT margin is expected to improve from 8.8% in 2023 to 16.9% by 2026 [1][29]. - The projected earnings per share (EPS) are 0.40 yuan for 2024, 0.59 yuan for 2025, and 0.82 yuan for 2026 [1][29]. Product Performance - The anesthetic product remimazolam has received multiple approvals in China and is progressing well in clinical trials in the U.S. for additional indications [2][20]. - The company’s core product, remimazolam, has increased its market share in the intravenous anesthetic market from 4% in 2022 to 11% in 2023 [20]. - The company has transitioned its sales model for key products to a self-operated team for professional academic promotion, which is expected to enhance growth [2][3]. Pipeline and Innovation - The company has a strong pipeline with several innovative drugs, including HSK16149 for diabetic peripheral neuropathic pain, HSK21542 for postoperative pain, and HSK7653 for diabetes management, all of which are in various stages of regulatory review [3][19][27]. - The innovative drug HSK7653 has completed its supplementary research and is currently under review for approval [27][30]. Market Position - The company has established a significant presence in various therapeutic areas, including anesthetics, parenteral nutrition, oncology, and metabolic diseases, with a focus on high-margin innovative products [14][24]. - The company’s gross margin improved to 71.0% in 2023, attributed to the increasing revenue share from high-margin innovative drugs [11][30].

Investment Rating - The report assigns a "Buy" rating to the company [1] Core Insights - The company has shown initial success in its innovation transformation over the past decade, with innovative products entering the commercialization phase. The first innovative drug,环泊酚, was approved in 2020 and is currently experiencing rapid growth, with a 153% year-on-year increase in non-GAAP net profit in 2023 [2][3] - 环泊酚 is gaining traction in the domestic market, with multiple new drugs expected to be approved soon. The sales of 环泊酚 reached 850 million in 2023, and it is set to replace propofol. Three additional products have submitted NDA applications, indicating strong commercial potential [2][3] - The company has made significant progress in small molecule innovative drug development, with a robust pipeline and international expansion underway. The DPP1 inhibitor HSK31858 and THRβ agonist HSK31679 are expected to enter clinical trials in 2024, while the PROTAC platform has three products in clinical stages [2][3] Summary by Sections Financial Forecast - Revenue is projected to grow from 3,355 million in 2023 to 6,683 million by 2026, with a compound annual growth rate (CAGR) of 28.1% [1] - EBITDA is expected to increase from 632 million in 2023 to 1,670 million in 2026, reflecting a strong growth trajectory [1] - The net profit attributable to shareholders is forecasted to rise from 295 million in 2023 to 1,238 million in 2026, with a significant growth rate of 66% in 2026 [1] Innovation and Product Development - The company has established a clear and structured innovative product pipeline, with环泊酚 already commercialized and three other products (HSK16149, HSK7653, HSK21542) having submitted NDA applications [2][3] - The innovative drug segment is rapidly increasing its revenue share, with环泊酚 contributing 25.3% to total revenue in 2023, and maintaining a high gross margin of around 90% [2][3] - The company has a total of 46 formulation projects in development, including 24 innovative drugs, indicating a strong commitment to innovation [2][3] Market Position and Strategy - The company has transitioned from a specialty generic drug manufacturer to an innovative drug developer, with a focus on high-barrier specialty formulations and a robust R&D team [2][3] - The R&D team has grown significantly, with nearly 1,000 personnel, and R&D expenses have increased to 8.75 billion in 2023, representing over 26% of revenue [2][3] - The company has built a comprehensive system from early drug discovery to commercialization, enhancing project management efficiency and success rates [2][3]

证券代码：002653 证券简称：海思科 公告编号：2024-055 海思科医药集团股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 海思科医药集团股份有限公司（以下简称"公司"）于近日接到 公司控股股东及实际控制人之一范秀莲女士的通知，获悉范秀莲女士 所持有本公司的部分股份已解除质押，具体事项如下： 二、股东股份累计质押的情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如 下： | | | | | 合计占 | 合计占 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股 | 持股 | 累计质押数 | 其所持 | 公司总 | 已质押股 | 占已 | 未质押股 | 占未 | | 名称 | 数量 | 比例 | 量（万股） | 股份比 | 股本比 | | | | | | | （万股） | | | | | 份限售和 | 质押 | 份限售和 | 质押 | | | | | ...

证券代码：002653 证券简称：海思科 公告编号：2024-054 海思科医药集团股份有限公司 关于举行 2023 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 海思科医药集团股份有限公司（以下简称"公司"）《2023 年年度 报告》及其摘要已于 2024 年 4 月 20 日刊登在巨潮资讯网等公司指定 信息披露媒体。 为便于投资者进一步了解公司经营情况，公司定于 2024 年 5 月 10 日（星期五）15:00-16:00 在全景网举办 2023 年度业绩说明会， 本次业绩说明会将采用网络远程的方式举行，投资者可登陆全景网 "投资者关系互动平台"（https://ir.p5w.net）参与本次年度业绩 说明会。 出席本次业绩说明会的人员有：公司董事长王俊民先生、独立董 事乐军先生、董事会秘书王萌先生、财务总监段鹏先生、保荐代表人 许超先生。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业 绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。 投 资 者 可 于 2024 年 5 月 9 日 （ 星 期 ...

海思科医药集团股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 海思科医药集团股份有限公司（以下简称"公司"）于近日接到 公司控股股东及实际控制人之一王俊民先生的通知，获悉王俊民先生 所持有本公司的部分股份已解除质押，具体事项如下： 二、股东股份累计质押的情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如 下： | | | | | 合计占 | 合计占 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股 数量 | 持股 | 累计质押数 | 其所持 | 公司总 | 已质押股 | 占已 | 未质押股 | 占未 | | 名称 | | 比例 | 量（万股） | 股份比 | 股本比 | | | | | | | （万股） | | | | | 份限售和 | 质押 | 份限售和 | 质押 | | | | | | 例 | 例 | | | | | | | | | | | | 冻结数 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 25.91 RMB [1] Core Views - The company achieved a revenue of 3.355 billion RMB in 2023, an increase of 11.27% YoY, and a net profit attributable to shareholders of 295 million RMB, up 6.51% YoY [2] - In Q1 2024, the company reported a revenue of 752 million RMB, a 20.6% YoY increase, and a net profit attributable to shareholders of 92 million RMB, up 219.86% YoY [2] - The company's innovative drug pipeline is progressing rapidly, with several key drugs expected to contribute significantly to future earnings [2] Product Pipeline and Market Performance - **HSK16149**: Expected to be approved in Q2 2024, with multiple indications under review or in clinical trials [2] - **HSK21542**: The injectable form has been submitted for NDA, and the oral form is in Phase II clinical trials [2] - **HSK7653**: A long-acting diabetes drug, currently under supplementary review [2] - **HSK31858**: A drug for non-cystic fibrosis bronchiectasis, with a licensing agreement potentially worth up to 462 million USD [2] - **HSK31679**: A drug for NASH, currently in Phase II clinical trials [2] - **HSK29116 and HSK40118**: PROTAC drugs in Phase I clinical trials [2] Financial Projections - The company is expected to achieve net profits of 410 million RMB, 570 million RMB, and 770 million RMB in 2024, 2025, and 2026, respectively [2] - The PE ratios for 2024-2026 are projected at 71x, 51x, and 38x, respectively [2] Market Share and Growth - The market share of the company's anesthetic drug, **Ciprofol**, in the intravenous anesthesia market increased from 4% in 2022 to 11% in 2023 [2] - The company expects significant growth in its anesthesia and pain management segment, with projected revenue growth rates of 64.8%, 51.3%, and 28.1% for 2024-2026 [7] Revenue Breakdown by Segment - **Anesthesia and Pain Management**: Expected to contribute 1.4 billion RMB in 2024, with a growth rate of 64.8% [8] - **Parenteral Nutrition**: Projected to generate 615.2 million RMB in 2024, with a steady growth rate of 4% [8] - **Oncology and Anti-Emetic**: Expected to grow at 15% annually, reaching 322 million RMB by 2026 [8] - **Antibiotics**: Projected to grow at 7% annually, reaching 145.7 million RMB by 2026 [8] Key Financial Metrics - The company's revenue is expected to grow from 3.355 billion RMB in 2023 to 5.587 billion RMB in 2026, with a CAGR of 19.93% [3] - The net profit margin is projected to increase from 8.81% in 2023 to 13.71% in 2026 [10] - The ROE is expected to rise from 7.09% in 2023 to 12.98% in 2026 [10]

Investment Rating - The report maintains a "Buy" rating for the company Haisco (002653.SZ) [2] Core Views - The company is entering a harvest period with a rich pipeline of innovative drugs and significant growth potential [2][3] - The performance in Q1 2023 met expectations, with revenue growth of 20% year-on-year and a total revenue of 3.355 billion yuan, representing an 11.27% increase compared to the previous year [2][8] - The company has made significant progress in both domestic and international markets, particularly with its anesthetic product, achieving rapid market penetration and hospital access [2][3] Financial Performance - In Q1 2023, the net profit attributable to shareholders was 295 million yuan, a year-on-year increase of 6.51%, while the net profit after deducting non-recurring items was 242 million yuan, showing a remarkable growth of 153.20% [2][8] - The company plans to distribute a cash dividend of 2.00 yuan for every 10 shares to all shareholders [2] - For Q1 2024, the company expects revenue of 752 million yuan, a year-on-year increase of 20.60%, with a net profit of approximately 91.96 million yuan, reflecting a significant growth of 219.86% [2] Product Pipeline and Clinical Development - The company has 12 innovative Class 1 drugs entering clinical stages, indicating a robust pipeline [3] - Notable products include HSK21542 for postoperative pain, which has submitted an NDA in October 2023, and HSK16149 for diabetic peripheral neuropathy, with an NDA submission completed in November 2023 [3][9] - HSK7653, a long-acting diabetes medication, has completed its research and submitted relevant materials for review, with preparations for market launch already underway [3][9] Revenue and Profit Forecast - The company anticipates revenues of 3.876 billion yuan, 5.086 billion yuan, and 6.709 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.5%, 31.2%, and 31.9% [3][10] - The forecasted net profit for the same period is expected to be 552 million yuan, 897 million yuan, and 1.379 billion yuan, with growth rates of 86.9%, 62.6%, and 53.8% respectively [3][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 3.355 billion yuan in 2023, representing a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 295.11 million yuan, up 6.5% [2][3] - The first quarter of 2024 showed strong performance with revenue of 752 million yuan, a growth of 20.6%, and a net profit of 92 million yuan, up 219.8% [2][3] - The report highlights the company's robust growth driven by innovative products and efficient cost management, with significant potential for international licensing [2][3] Revenue and Profit Forecast - The company's total revenue is projected to reach 4.097 billion yuan in 2024, with a year-on-year growth of 22.12% [2][4] - The net profit attributable to shareholders is expected to increase to 426.58 million yuan in 2024, reflecting a growth rate of 44.55% [2][4] - The earnings per share (EPS) is forecasted to be 0.38 yuan in 2024, with a P/E ratio of 67.67 [2][4] Product Pipeline and Market Position - The company has a diverse pipeline of approximately 24 innovative drugs across four main areas: anesthesia and pain, metabolism, oncology, and respiratory [3] - The report emphasizes the accelerated penetration of the drug环泊酚, which has seen its market share in anesthesia increase from 4% in 2022 to 11% in 2023 [3] - The company is expected to commercialize four innovative drugs in 2024, with several projects having significant licensing potential [4]

Revenue and Profit - Revenue for Q1 2024 reached ¥752,133,790.48, representing a 20.60% increase compared to ¥623,643,966.44 in the same period last year[4] - Net profit attributable to shareholders was ¥91,955,910.47, a significant increase of 219.86% from ¥28,749,239.94 year-on-year[4] - Basic earnings per share rose to ¥0.08, up 166.67% from ¥0.03 in the previous year[4] - Total operating revenue for Q1 2024 reached CNY 752,133,790.48, an increase of 20.6% compared to CNY 623,643,966.44 in Q1 2023[15] - The net profit for Q1 2024 was CNY 90,718,987.55, compared to CNY 28,397,754.71 in Q1 2023, representing an increase of approximately 219%[16] - The total profit before tax was CNY 96,186,178.32, significantly higher than CNY 25,587,761.70 in the same quarter last year[16] Assets and Liabilities - Total assets as of March 31, 2024, amounted to ¥6,842,783,329.08, reflecting a 2.85% increase from the end of the previous year[4] - The company's total assets increased to CNY 6,842,783,329.08 in Q1 2024, compared to CNY 6,652,886,075.81 in Q1 2023, marking a growth of 2.9%[14] - Total liabilities rose to CNY 2,559,066,124.55 in Q1 2024, up from CNY 2,482,346,797.57 in Q1 2023, indicating an increase of 3.1%[14] - Short-term borrowings increased by 328.04% to ¥427,952,255.34, primarily due to new short-term loans taken during the quarter[7] - Short-term borrowings surged to CNY 427,952,255.34 in Q1 2024, a significant increase from CNY 99,979,967.98 in Q1 2023[14] Cash Flow - The company reported a net cash flow from operating activities of ¥59,000,571.51, a decrease of 4.94% compared to ¥62,064,077.64 in the same period last year[4] - The cash flow from operating activities netted CNY 59,000,571.51, a decrease from CNY 62,064,077.64 in Q1 2023[18] - The net cash flow from financing activities was CNY 216,705,611.13, down from CNY 487,552,826.46 in Q1 2023[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,325[8] - The company reported no changes in the status of major shareholders or their shareholding due to securities lending activities[10] - The company has not reported any changes in preferred shareholders or their holdings[11] Other Financial Metrics - The company’s weighted average return on equity improved to 2.17%, up from 0.80% in the previous year[4] - Other income surged to ¥76,742,653.94, marking a 1994.82% increase due to government subsidies received during the period[7] - Research and development expenses decreased to CNY 83,511,881.18 in Q1 2024 from CNY 91,510,160.29 in Q1 2023, a reduction of 8.7%[15] - The company reported a net investment loss of CNY 39,819,620.29 in Q1 2024, compared to a loss of CNY 9,512,591.88 in Q1 2023[15] - The company reported a foreign currency translation difference of CNY 100,999.99, compared to a loss of CNY 4,397,498.18 in Q1 2023[17] Current Assets and Inventory - The total current assets increased to ¥2,837,652,007.80 from ¥2,640,768,702.51, representing a growth of approximately 7.45%[12] - Cash and cash equivalents rose to ¥1,449,171,446.02 from ¥1,168,711,407.26, marking an increase of about 23.93%[12] - Inventory decreased slightly from ¥281,290,270.03 to ¥278,727,985.80, a decline of approximately 1.82%[12] - Accounts receivable remained stable, with a minor decrease from ¥799,236,595.69 to ¥797,927,120.46, reflecting a change of about 0.16%[12] - The total amount of other receivables decreased from ¥46,790,327.40 to ¥43,874,640.63, a reduction of approximately 6.25%[12] Company Activities - The company has not disclosed any new product developments or technological advancements in this quarter[11] - There were no significant mergers or acquisitions reported during this period[11] - The company did not provide specific future guidance or performance outlook in the current report[11]