亿帆医药：业绩拐点到来，迈入“创新国际化”成长新阶段

Investment Rating - The report initiates coverage on Yifan Pharmaceutical with a "Buy" rating, indicating a relatively undervalued position and a strong product pipeline poised for growth [1][6]. Core Views - The company is expected to experience significant revenue growth, with projected increases of 35% in 2024, 19% in 2025, and 20% in 2026. Net profit is forecasted to grow by 200% in 2024, 32% in 2025, and 31% in 2026, with EPS expected to reach 0.45, 0.59, and 0.78 yuan respectively [1][23]. - Two major innovative drugs, Yilishu and Dinggan Cross-linked Hyaluronic Acid, have been approved and included in the medical insurance list, marking 2024 as a year of commercial launch [6][23]. Summary by Sections Innovative Drug Pipeline - Yilishu is anticipated to capture a significant market share in the long-acting G-CSF sector, with potential domestic sales exceeding 2 billion yuan, supported by strong efficacy and safety data [6][23]. - Dinggan Cross-linked Hyaluronic Acid targets approximately 48 million osteoarthritis patients in China, with a potential peak sales forecast of 2.44 billion yuan [6][23]. Traditional Formulations - The company plans to restructure its domestic pharmaceutical operations in 2024, which is expected to stabilize growth in traditional formulations. The company has a diverse portfolio of differentiated products in both chemical and traditional Chinese medicine sectors [7][23]. - The raw material drug segment is expected to stabilize as the price of calcium pantothenate is currently at a historical low, reducing downward price risks [7][23]. Financial Forecast and Valuation - The financial projections indicate a recovery in revenue and profit margins, with a return to higher levels expected in 2024, achieving revenues of 13.3 billion yuan and a net profit of 1.5 billion yuan [23][29]. - The report utilizes a comparable company valuation method, estimating a PE ratio of 33 for 2024, suggesting that the company is currently undervalued [1][6].