IPO专题：新股精要—国内外用药领先生产商小方制药

Investment Rating - The investment rating for the company is "Increase" [24] Core Viewpoints - The company, Xiaofang Pharmaceutical (603207.SH), is a leading manufacturer of external medications in China and abroad, benefiting from the increasing demand for medications driven by an aging population [2][5] - In 2023, the company achieved revenue and net profit of 472 million and 204 million CNY, respectively, with a compound annual growth rate (CAGR) of 8.37% and 26.99% from 2021 to 2023 [2][5] - The company plans to raise 832 million CNY through its IPO to strengthen its market position and develop new products [3][13] Company Overview - Xiaofang Pharmaceutical holds 63 drug approvals, including 12 essential medicines and 28 insurance-covered varieties, with a strong market presence in digestive, skin, and ENT medications [5][10] - The company has a stable competitive position in its market segments, with leading market shares in key products such as Kaseilu (16.42% market share in 2022) and Lugan Stone Wash (42.61% market share in 2022) [5][12] Business Analysis - The company’s revenue from 2021 to 2023 shows a steady increase, with revenue of 413 million, 456 million, and 472 million CNY, respectively [5][7] - The main revenue contributors are digestive medications, which account for over 50% of total revenue, followed by skin and ENT medications [5][10] - The company’s gross margin has fluctuated slightly due to raw material price changes, with gross margins of 63.35%, 59.04%, and 65.46% from 2021 to 2023 [7][10] Industry Development and Competitive Landscape - The external medication market in China is expected to grow steadily, driven by an aging population and healthcare policy reforms that enhance drug accessibility [10][11] - The market for external medications grew from 594.25 billion CNY in 2017 to 745.17 billion CNY in 2022, with a CAGR of 4.63% [10] - The competitive landscape for the company’s main products remains stable, with no significant changes in market share despite increasing competition [11][12] Comparable Company Valuation - The average price-to-earnings (PE) ratio for comparable companies in the pharmaceutical manufacturing industry is 24.61 times as of August 7, 2024 [17] - The average PE ratios for comparable companies for 2023, 2024, and 2025 are 19.08, 16.04, and 13.75 times, respectively [13][17]