誉衡药业股价涨停 ，预计今年经营业绩将比去年有所增长

Core Viewpoint - Yuheng Pharmaceutical (002437) has shown a significant increase in stock price, closing at 3.14 yuan with a rise of 10.18% on July 10, following a research meeting with First Capital Securities [1][2] Company Overview - Yuheng Pharmaceutical and its subsidiaries are primarily engaged in the research, production, and sales of pharmaceuticals, holding over 300 drug registration certificates by the end of 2024 [2] - The company's product range covers multiple therapeutic areas, including musculoskeletal, cardiovascular, vitamins and minerals, diabetes, analgesics, anti-infectives, and anti-tumor treatments [2] Product Portfolio - As of the end of 2024, 216 products are included in the 2024 National Medical Insurance Directory, with 63 products in the essential drug list [2] - Core products have maintained a high market share in their respective segments, with notable products like injection multi-vitamin (12), deer melon peptide injection, and ginkgo biloba injection leading in their markets [2] Sales Performance - The injection multi-vitamin (12) product has a strong competitive position, maintaining over 80% market share due to its first-mover advantage and brand strength [2] - The product has been selected in multiple local procurement rounds, with a projected 40% sales growth in 2024, generating over 1.1 billion yuan in revenue [2] Operational Strategy - Yuheng Pharmaceutical anticipates growth in its operating performance compared to the previous year, focusing on stable growth of existing products and expanding sales channels for unique traditional Chinese medicine products [3][4] - The company plans to enhance its sales channels for new products like the sitagliptin metformin sustained-release tablet and expand the market for meperidine [4] Cost Management - The company has seen a decrease in sales expense ratio from 40.69% to 32.48% year-on-year, with a further drop to 28.80% in Q1 2025, attributed to improved management and efficiency [4] - There is still potential for further reduction in sales expenses, with ongoing efforts to maintain low expense ratios through refined management practices [4] Future Growth and M&A Strategy - Yuheng Pharmaceutical is considering mergers and acquisitions cautiously, focusing on innovative and differentiated products to enrich its product pipeline [5] - The company aims to target acquisition candidates with strong revenue, profit, and cash flow potential, or those that can quickly contribute to sales and leverage existing production capacity [5]