Aurisco(605116) 广发证券·2024-07-11 09:31Investment Rating - The investment rating for the company is "Buy" with a target price of 28.15 CNY per share [8][9]. Core Insights - The company is transitioning from its predecessor, Dagu Chemical, to an international player, Aurite, focusing on the development and production of complex raw materials and formulations. The company has achieved significant milestones, including the approval of its first formulation product, Dydrogesterone tablets, which began mass production in Q3 2023 [10][14]. - The company has a strong pipeline of new products and is expanding its production capacity, particularly in high-demand areas such as cardiovascular and oncology drugs. The expected net profits for 2024-2026 are projected to be 381 million CNY, 498 million CNY, and 654 million CNY, respectively [10][17]. - The company is actively pursuing an integrated strategy of raw materials and formulations, aiming to enhance its market position and profitability through innovative product offerings and increased production capacity [10][14]. Summary by Sections Company Overview - Aurite specializes in the research, production, and sales of complex raw materials and formulations, with a focus on high-quality pharmaceutical chemicals. The company has been in operation for over 20 years and has established a global sales network [21][126]. Financial Performance - In 2023, the company achieved a revenue of 1.263 billion CNY, a year-on-year increase of 25.24%, and a net profit of 289 million CNY, up 37.19% from the previous year. The earnings per share (EPS) for 2023 was 0.71 CNY [10][142]. Product Development - The company has received regulatory approval for Dydrogesterone tablets, which are expected to significantly contribute to revenue growth. The sales volume for this product in 2023 was approximately 38.34 million tablets, generating revenue of 89.85 million CNY [10][61]. - The company is also advancing its product pipeline in areas such as peptide and oligonucleotide drugs, which are anticipated to become new growth drivers for the company [10][55]. Market Position - Aurite has a competitive advantage in high-end raw materials, with a strong market presence in cardiovascular and oncology products. The company is expected to benefit from increased production capacity and market demand for its products [10][17]. - The company is actively participating in centralized procurement to enhance its market share and profitability [10][14].