NHWA(SZ:002262) Huafu Securities·2024-07-31 13:30Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][11]. Core Views - The company reported a revenue of 2.76 billion yuan in H1 2024, representing a 15.1% increase year-on-year, and a net profit of 630 million yuan, up 15.5% [1]. - The core business segment, anesthetics, significantly contributed to the overall high growth, achieving a revenue of 1.52 billion yuan in H1 2024, which is a 20.0% increase and accounts for 55.1% of total revenue [1]. - The company has set clear performance targets through its equity incentive plan, aiming for net profit growth rates of no less than 15%, 33%, and 56% for 2024, 2025, and 2026 respectively [1][2]. Financial Performance - The company’s revenue projections for 2024-2026 are 5.98 billion yuan, 7.20 billion yuan, and 8.69 billion yuan, with growth rates of 19%, 20%, and 21% respectively [3]. - The expected net profit for the same period is 1.22 billion yuan, 1.47 billion yuan, and 1.77 billion yuan, with growth rates of 18%, 20%, and 21% [3]. - The company maintained a gross margin of 72.5% and a net margin of 22.7% in H1 2024, indicating strong profitability [1]. Research and Development - The company invested 320 million yuan in R&D in H1 2024, a 13.0% increase year-on-year, with over 70 projects in development, including more than 20 innovative drug projects [2]. - Key innovative drug projects include NH60001, which is in Phase III clinical trials, and NHL35700, which is in Phase II [2]. Market Position - The company is currently viewed as relatively undervalued, considering its growth potential and diverse product pipeline [3].