悦康药业：创新面向未来，重磅品种羟A上市在即

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company is focusing on major products, with traditional products gradually recovering from the impact of centralized procurement, which is expected to lead to a return to growth [1]. - The cardiovascular sector is the core area for the company, with key products such as Ginkgo biloba extract injection and Huoxintang (concentrated pill) expected to drive performance [1][12]. - Multiple potential blockbuster products are nearing market launch, including Hydroxy Safflower Yellow A for stroke treatment and Compound Ginkgo Leaf Tablets for vascular dementia [1][23]. - The company is actively investing in innovative fields such as small nucleic acids and peptides, with several new drug candidates in development [1][20]. Summary by Sections 1. Company Overview - The company integrates new drug research and development, manufacturing, distribution, and international trade, with a comprehensive production capability across raw materials, excipients, and formulations [8]. - It has a diverse product portfolio covering various therapeutic areas, including cardiovascular, diabetes, digestive, oncology, antiviral, and reproductive health [8][12]. 2. Cardiovascular Product Focus - The company has a rich product layout in the cardiovascular field, with Ginkgo biloba extract injection being a core product contributing significantly to revenue [1][23]. - The market for cardiovascular traditional Chinese medicine is growing, with the retail market expected to continue expanding [24]. 3. Impact of Centralized Procurement - The negative impact of centralized procurement on traditional generic drugs is gradually clearing, allowing for a recovery in sales [1][16]. - The company anticipates that the short-term effects of centralized procurement will diminish, leading to improved sales performance [1]. 4. Financial Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are estimated at 43.5 billion, 47.8 billion, and 54.0 billion CNY, respectively, with growth rates of 4%, 10%, and 13% [1]. - Net profit forecasts for the same years are 3.0 billion, 4.1 billion, and 5.1 billion CNY, with growth rates of 63%, 35%, and 27% [1].