NHWA(SZ:002262) AVIC Securities·2024-10-31 06:43Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company has maintained a growth trend, with performance meeting expectations. In the first three quarters of 2024, the company achieved operating revenue of 4.145 billion yuan, a year-on-year increase of 13.39%. The net profit attributable to shareholders was 1.020 billion yuan, up 15.18% year-on-year [1] - The company has a strong cash reserve of 1.546 billion yuan, although this represents a year-on-year decrease of 25.17% due to increased investments in financial products. Overall, the cash reserve remains robust [1] - Research and development (R&D) expenses reached 436 million yuan in the first three quarters of 2024, reflecting a year-on-year increase of 13.25%. The company has over 70 ongoing research projects, including more than 20 innovative drug projects [1] Summary by Sections Financial Performance - For Q3 2024, the company reported operating revenue of 1.382 billion yuan, a year-on-year increase of 10.07%, with a net profit of 391 million yuan, up 14.74% year-on-year and 7.58% quarter-on-quarter [1] - The basic earnings per share (EPS) for the first three quarters was 1.01 yuan, a year-on-year increase of 14.77% [1] R&D and Innovation - The company is focusing on increasing its R&D investments, with a total of over 70 projects in progress, including 9 projects undergoing consistency evaluations. The continuous investment in new drug development is expected to enrich the product pipeline and enhance company performance [1] Incentive Plans - The company completed the registration of its 2024 restricted stock incentive plan, granting 858,870 shares at a price of 11.51 yuan per share to 817 individuals. This plan aims to attract and retain talent while demonstrating confidence in the company's long-term development [1]