Haisco(002653) Southwest Securities·2024-08-16 08:32Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's innovative drugs are entering a harvest period, expected to contribute significantly to performance elasticity [3] - The company has a rich pipeline of innovative products, providing long-term growth momentum [3] - Revenue for the first half of 2024 reached 1.69 billion yuan, a 23.1% year-on-year increase [2] - Net profit attributable to the parent company was 160 million yuan, a 119.4% year-on-year increase [2] - Non-GAAP net profit was 80 million yuan, a 2.5% year-on-year increase [2] Product Pipeline and Market Performance - Ciprofol sales are growing rapidly, with all indications included in the national medical insurance, and it holds the top market share in intravenous anesthesia [2] - Ciprofol's two Phase III clinical trials for "general anesthesia induction" in the US have been completed, and an NDA is expected to be filed [2] - Benzene sulfonic acid Cilgabalin capsules, the first domestic treatment for "adult diabetic peripheral neuropathic pain and postherpetic neuralgia," were approved in May and June 2024 [2] - HSK21542 injection for "postoperative analgesia in abdominal surgery" is under NDA review, with another indication for "chronic kidney disease-associated pruritus" included in priority review in June 2024 [2] - HSK21542 oral tablets are undergoing Phase II clinical trials for "chronic pruritus" [2] - Cogdulin tablets, the world's first ultra-long-acting bi-weekly oral hypoglycemic drug, were approved in June 2024 for improving glycemic control in adult type 2 diabetes patients [2] - HSK31858 tablets for "non-cystic fibrosis bronchiectasis" have completed Phase II clinical trials in China, with two new indications for "bronchial asthma" and "chronic obstructive pulmonary disease" approved for IND in April 2024 [2] - HSK39004 inhalation suspension for COPD and HSK44459 tablets for interstitial lung disease have both received IND approval [2] - HSK31679 tablets for "adult primary hypercholesterolemia" have completed Phase II clinical trials, and trials for "NASH" are progressing smoothly [2] Financial Projections - The company is expected to achieve net profits of 400 million yuan, 570 million yuan, and 760 million yuan in 2024, 2025, and 2026, respectively [3] - The corresponding P/E ratios are projected to be 81x, 57x, and 42x for 2024, 2025, and 2026 [3] Market Performance - The company's stock price has shown a relative index performance of -17%, -2%, 14%, 30%, 45%, and 61% from August 2023 to August 2024, compared to the CSI 300 index [6] Financial Data - Total revenue for 2024 is projected to be 4.02 billion yuan, with a growth rate of 19.93% [4] - Net profit attributable to the parent company is expected to be 397.60 million yuan in 2024, with a growth rate of 34.73% [4] - EPS is projected to be 0.36 yuan in 2024, with an ROE of 8.74% [4] - The company's total market capitalization is 32.24 billion yuan, with total assets of 6.46 billion yuan [7]