Haisco(SZ:002653) GF SECURITIES·2024-07-12 08:31Investment Rating - The investment rating for the company is "Buy" with a current price of 29.95 CNY and a fair value of 39.96 CNY [1]. Core Insights - The company, Haishike (002653.SZ), has released its 2024 H1 earnings forecast, indicating a significant increase in net profit attributable to shareholders, expected to be between 150 million to 165 million CNY, representing a year-on-year growth of 99.80% to 119.78% [2]. - The revenue growth is steady, with a projected increase of approximately 20% in H1 2024, driven by the rapid growth of products like环泊酚 [2]. - The company has received government subsidies of about 73 million CNY in the first half of the year, which was not present in the same period last year [2]. - The company has successfully launched two innovative drug products in H1 2024, enhancing its product portfolio [2]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.39 CNY, 0.59 CNY, and 0.94 CNY respectively, with a DCF-derived fair value of 39.96 CNY per share [2]. Financial Summary - The company's revenue for 2022 was 3,015 million CNY, with projections of 3,355 million CNY for 2023, 4,170 million CNY for 2024, 5,239 million CNY for 2025, and 6,766 million CNY for 2026, reflecting growth rates of 8.7%, 11.3%, 24.3%, 25.6%, and 29.1% respectively [1][4]. - The EBITDA for 2022 was 368 million CNY, expected to rise to 632 million CNY in 2023 and reach 1,458 million CNY by 2026 [1][4]. - The net profit attributable to shareholders for 2022 was 277 million CNY, with forecasts of 295 million CNY for 2023, 436 million CNY for 2024, 654 million CNY for 2025, and 1,048 million CNY for 2026, showing growth rates of -19.7%, 6.5%, 47.8%, 50.0%, and 60.3% respectively [1][4]. - The company’s return on equity (ROE) is projected to improve from 9.1% in 2022 to 20.6% in 2026 [1][4].