XJZY(002332) 天风证券·2024-10-11 06:30Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 17.37 CNY per share, based on a 20x PE for 2025 [6]. Core Insights - The company, Xianju Pharmaceutical, is a leading player in the steroid drug sector, focusing on both raw materials and formulations, with significant potential for new product commercialization [1][4]. - The steroid raw material market is broad, with stabilizing prices expected to boost the company's performance in the raw material segment [2]. - The company is gradually overcoming the impact of centralized procurement on its existing products, with a positive outlook for its main products [3]. - New product development is progressing well, with several innovative products expected to drive future growth [4][5]. Summary by Sections 1. Company Overview - Xianju Pharmaceutical specializes in steroid raw materials and formulations, maintaining an integrated business model [1][16]. - The company has a stable base of existing products and a promising pipeline of new products [1]. 2. Raw Materials - The steroid raw material market is characterized by high concentration and stabilizing prices, which are expected to enhance the company's performance [2][34]. - The company has a significant market share in the steroid raw material sector, with a broad application range for these drugs [31]. 3. Formulations - The company is gradually overcoming the negative effects of centralized procurement on its existing products, with sales of key products expected to recover [3][21]. - The main product, Mometasone Furoate nasal spray, is projected to grow by 30% in H1 2024, indicating a favorable competitive landscape [3][24]. 4. New Products - The company is advancing its innovative product pipeline, with several new products showing strong commercial potential [4][5]. - Key products in development include the combination of new respiratory drugs and gynecological products, with expected market launches in the coming years [4][5]. 5. Financial Forecast and Valuation - The company is expected to achieve revenues of 45.70 billion CNY, 52.10 billion CNY, and 59.95 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 6.70 billion CNY, 8.59 billion CNY, and 10.64 billion CNY [5][6]. - The financial outlook reflects a recovery trajectory, with anticipated growth rates of 10.83%, 14.00%, and 15.07% for the respective years [5].