NHWA(002262) 浙商证券·2024-08-02 13:03Investment Rating - Buy (Maintained) [7][10] Core Views - The company's performance in 2024H1 met expectations, with the anesthesia business continuing to grow rapidly [3] - The company's central nervous system products and pipeline layout are competitive, with the impact of centralized procurement on existing preparations declining, and high-barrier generics/innovative drugs gradually being launched, supporting rapid growth in revenue and profit [3] - The anesthesia business is expected to maintain rapid growth in 2024, driven by both old and new products [4] - The company's profitability improved in Q2, with gross and net profit margins increasing sequentially [5] - The company's operating efficiency has improved, with inventory turnover accelerating and operating cash flow continuing to improve [6] Financial Performance - In 2024H1, the company achieved revenue of RMB 2.763 billion, a year-on-year increase of 15.13%, and net profit attributable to the parent company of RMB 629 million, a year-on-year increase of 15.46% [3] - In Q2 2024, revenue was RMB 1.406 billion, a year-on-year increase of 15.09%, and net profit attributable to the parent company was RMB 364 million, a year-on-year increase of 14.61% [3] - The company's gross profit margin in 2024H1 was 72.50%, a year-on-year decrease of 1.25 percentage points, but the net profit margin remained stable at 22.67% [5] - In Q2 2024, the gross profit margin was 74.16%, a year-on-year increase of 0.01 percentage points, and the net profit margin was 25.75%, a sequential increase of 6.26 percentage points [5] Business Segments - In 2024H1, the pharmaceutical industry achieved revenue of RMB 2.359 billion, a year-on-year increase of 14.51%, with anesthesia products contributing RMB 1.522 billion, a year-on-year increase of 20.04% [4] - The anesthesia business accounted for 55.09% of total revenue in 2024H1, up from 52.84% in 2023H1 [4] - The company's new anesthesia products (e.g., oxycodone, remifentanil, sufentanil, TRV130, and alfentanil) are expected to maintain rapid growth [4] - The company's mental and neurological product lines have shaken off the impact of centralized procurement and are expected to achieve stable growth in 2024 [4] Operating Efficiency - In 2024H1, the company's accounts receivable turnover ratio was 2.39, down from 2.74 in 2023H1, while the inventory turnover ratio improved to 1.28 from 0.89 in 2023H1 [6] - The company's operating cash flow to net operating income ratio was 88.07% in 2024H1, up from 74.62% in 2023H1 [6] Valuation and Forecast - The company's EPS for 2024-2026 is expected to be RMB 1.24, RMB 1.48, and RMB 1.75 per share, respectively [10] - The company's P/E ratio for 2024 is 21x based on the closing price on August 1, 2024 [10] - The company's revenue is expected to grow by 20.3% in 2024, 18.8% in 2025, and 18.5% in 2026 [11] - Net profit attributable to the parent company is expected to grow by 20.7% in 2024, 19.2% in 2025, and 18.4% in 2026 [11]