研报掘金丨开源证券：恩华药业业绩驱动因素明确，维持“买入”评级

Core Viewpoint - The report from Open Source Securities highlights the rapid growth of Enhua Pharmaceutical's neurology business, with clear performance drivers, and maintains a "Buy" rating [1] Group 1: Business Performance - Enhua Pharmaceutical is deepening its product differentiation advantages, achieving stable growth in mature products such as Levofloxacin, Fentanyl, and Remifentanil [1] - The company is accelerating market development for innovative products including TRV130, Oxycodone injection, Sufentanil, Alfentanil, and the new product AnTaiTan® in collaboration with BD [1] Group 2: Research and Development - Enhua Pharmaceutical is increasing its R&D investment, currently having 17 innovative drug projects under research [1] - The company has completed one Phase III clinical trial (NH600001 emulsion injection) and two Phase II clinical trials (NHL35700 tablets, YH1910-Z02 injection) [1] - Two Phase II clinical trials are ongoing (NH102 tablets, YH1910-Z01 nasal spray), and six Phase I clinical trials are in progress (NH130 tablets, NH104 tablets, Protollin nasal spray, NH160030 tablets, NH140068 tablets, NH280105 capsules) [1] - One project has received a clinical trial notification (Citrate Sufentanil injection for new indications), while the remaining projects are in preclinical research stages, indicating significant market potential [1]