NHWA(002262) 国泰君安·2024-08-01 04:31Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Views - The anesthetics business continues to show high growth, while the mental and neurological segments are stabilizing. Key new products are entering a growth phase [3]. - The company achieved revenue of 2.763 billion and net profit attributable to shareholders of 629 million in H1 2024, representing year-on-year increases of 15.13% and 15.46%, respectively [8]. - The target price has been adjusted to 31.46, up from the previous 29.15, based on a PE ratio of 26 times for 2024 [8]. Financial Performance - In H1 2024, the anesthetics segment generated revenue of 1.522 billion, a year-on-year increase of 20.04%, accounting for 55.09% of total revenue [8]. - The mental and neurological product revenues were 595 million and 80 million, respectively, with year-on-year growth of 8.17% and 8.51% [8]. - Operating cash flow improved significantly, with a net cash flow of 622 million, up 39.51% year-on-year [8]. Research and Development - R&D investment increased to 319 million in H1 2024, a year-on-year rise of 13.03%, with several key new products expected to contribute to revenue growth [8]. - The company has over 20 innovative drug projects in the pipeline, with NH600001 entering Phase III clinical trials [8]. Market Position - The company is expected to maintain its leading position in the domestic market, especially after the adjustment of midazolam injection from a Class II to a Class I controlled substance [8].