NHWA(SZ:002262) KAIYUAN SECURITIES·2024-10-30 03:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company has demonstrated steady revenue growth, achieving a revenue of 4.145 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.39%. The net profit attributable to shareholders reached 1.020 billion yuan, up 15.18% year-on-year [3]. - The company is focusing on the central nervous system drugs, benefiting from the recovery in surgical volumes and the expanding application scenarios for anesthetics. Key products such as "Hydromorphone" and TRV130 are expected to continue contributing to revenue growth [4]. - The company is actively advancing its innovative drug development, with ongoing clinical trials for several products, including one in Phase III and two in Phase II [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 73.75% (up 0.64 percentage points) and a net margin of 24.52% (up 0.36 percentage points) [3]. - The company maintains a reasonable expense control, with a sales expense ratio of 30.19%, a management expense ratio of 4.31%, and a research and development expense ratio of 10.51% [3]. - The projected net profits for 2024-2026 are 1.181 billion, 1.401 billion, and 1.668 billion yuan, respectively, with corresponding EPS of 1.17, 1.39, and 1.66 yuan per share [3][6]. Market Position and Strategy - The company is establishing a differentiated competitive advantage for its products, ensuring stable growth for existing products while rapidly growing newly approved anesthetic products through market access and academic promotion [4]. - The establishment of new divisions for emerging and sleep products aims to deepen market penetration in county-level and grassroots areas, ensuring faster growth for non-collection products and gradually reducing the impact of centralized procurement on mental health products [4]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024-2026 are projected at 22.6, 19.1, and 16.0 times, respectively [3][6]. - The company’s total market capitalization is approximately 27.152 billion yuan, with a circulating market capitalization of 23.561 billion yuan [1].