Haisco(SZ:002653) Hua Yuan Zheng Quan·2024-09-14 00:00Investment Rating - Buy (首次覆盖) [2] Core Views - The company's revenue in H1 2024 reached 1.69 billion yuan, a year-on-year increase of 23.1%, with net profit attributable to the parent company of 160 million yuan, a year-on-year increase of 119.4% [2] - In Q2 2024, the company achieved revenue of 930 million yuan, a year-on-year increase of 25.3%, and net profit attributable to the parent company of 70 million yuan, a year-on-year increase of 57.1%, meeting market expectations [2] - The rapid growth of the anesthetic drug ciprofol drove overall revenue growth, with the anesthetic product line contributing 520 million yuan in H1 2024, a year-on-year increase of 50.9% [2] - The company's gross margin in H1 2024 was 71.9%, slightly higher than the 71.3% in the same period last year [2] - The net profit margin in H1 2024 reached 9.7%, compared to 5.2% in the same period last year [2] Business Segments - Anesthetic products: Revenue of 520 million yuan in H1 2024, up 50.9% year-on-year [2] - API business: Revenue of 320 million yuan in H1 2024, up 33.4% year-on-year [2] - Parenteral nutrition products: Revenue of 260 million yuan in H1 2024, down 7.5% year-on-year [2] - Other indications: Revenue of 280 million yuan in H1 2024, down 6.7% year-on-year [2] Innovation Pipeline - Ciprofol, a self-developed Class 1 intravenous anesthetic, has been included in the National Reimbursement Drug List (2023 edition) and covers over 2,500 hospitals as of H1 2024 [2] - Ciprofol's market share in intravenous anesthesia reached 21.51% as of May 2024, surpassing competitors like propofol and midazolam [2] - Two Phase III clinical trials for HSK3486 (ciprofol injection) in the US have been completed, with plans to submit an NDA [2] - In 2024, the company launched two new Class 1 drugs: clecigabalin (for diabetic peripheral neuropathic pain and postherpetic neuralgia) and cogligliptin (for diabetes) [3] - As of H1 2024, the company has 16 Class 1 innovative drugs in clinical stages, including ciprofol for pediatric indications and HSK21542 for chronic pruritus [3] Financial Projections - Expected net profit attributable to the parent company for 2024-2026: 420 million yuan, 580 million yuan, and 790 million yuan, with year-on-year growth rates of 42.1%, 37.3%, and 37.5%, respectively [3] - Current PE ratios for 2024-2026: 87x, 64x, and 46x [3] - Revenue growth rates for 2024-2026: 20.3%, 21.1%, and 21.1% [4] - Gross margin for 2024-2026: 71.2%, 71.4%, and 72.0% [4] - ROE for 2024-2026: 9.4%, 12.0%, and 15.0% [4] Financial Performance - H1 2024 sales, management, and R&D expense ratios: 35.0%, 11.2%, and 12.7%, respectively, compared to 35.5%, 13.0%, and 15.3% in the same period last year [2] - Total assets as of 2024E: 6.802 billion yuan, with total liabilities of 2.357 billion yuan [6] - Net cash flow from operating activities in 2024E: 424 million yuan [7]