恩华药业：稳健成长，估值合理

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][7]. Core Insights - The company is experiencing steady growth driven by the recovery of surgical anesthesia demand post-COVID-19, with revenue growth of 15% year-over-year in Q1 2024 [4]. - The company has a rich pipeline of innovative drugs, with over 20 products in development, and plans to advance 8 clinical trials in 2024 [4]. - A stock incentive plan has been implemented to ensure growth, with performance targets set for net profit increases of at least 15%, 33%, and 56% from 2023 to 2026 [4]. Summary by Sections Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a current stock price of 23.98 RMB as of June 26, 2024, and a target price of 28 RMB [1]. - Major shareholders include Xuzhou Enhua Investment Co., Ltd., holding 31.77% of shares [1]. Financial Performance - The company reported a net profit of 901 million RMB in 2022, with projections of 1.26 billion RMB, 1.51 billion RMB, and 1.80 billion RMB for 2024, 2025, and 2026 respectively, reflecting year-over-year growth rates of 21.0%, 20.0%, and 19.5% [5][10]. - Earnings per share (EPS) are expected to be 1.25 RMB, 1.49 RMB, and 1.79 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 19, 16, and 13 [5][10]. Product Portfolio - The company's product mix includes commercial pharmaceuticals (35.8%), anesthetics (32.5%), and psychiatric drugs (22.5%) [2]. - The anesthetic segment is expected to continue driving revenue growth, with a year-over-year increase of 24% in 2023 [4]. Research and Development - The company has a robust R&D pipeline, with several innovative drugs in various stages of clinical trials, including NH102 for depression and NH600001 for intravenous anesthesia [8][9]. - The company plans to submit three Investigational New Drug (IND) applications in 2024, indicating a strong commitment to innovation [4].