NHWA(002262) 华福证券·2024-11-05 08:39Investment Rating - The investment rating for the company is "Buy" [10] Core Views - The company has shown steady revenue growth, with a reported revenue of 4.15 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.4%. The net profit attributable to shareholders reached 1.02 billion yuan, up 15.2% year-on-year [1] - The anesthetic product segment is diverse and is expected to drive high overall performance growth. Key products include oxycodone, remifentanil, sufentanil, and others, which are still in the growth phase [1] - The company maintains a strong gross margin of 76.3% and a net margin of 28.2% for Q3 2024, with both margins showing year-on-year improvements [1] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.15 billion yuan, a net profit of 1.02 billion yuan, and a non-recurring net profit of 1.03 billion yuan, with respective year-on-year growth rates of 13.4%, 15.2%, and 16.4% [1] - The company’s R&D expenses for the first three quarters of 2024 were 440 million yuan, reflecting a year-on-year increase of 13.3%, indicating a commitment to innovation and product development [2] - The projected revenues for 2024-2026 are 5.98 billion yuan, 7.20 billion yuan, and 8.69 billion yuan, with growth rates of 19%, 20%, and 21% respectively [3] Product Development - The company has over 70 ongoing projects, including more than 20 innovative drug projects, with a focus on both self-research and external collaborations [2] - Key innovative projects include NH60001, which is in Phase III clinical trials, and NHL35700, which is in Phase II clinical trials [2] Valuation Metrics - The earnings per share (EPS) for 2024 is projected to be 1.20 yuan, with a price-to-earnings (P/E) ratio of 22.1 [3] - The company’s net asset value per share is 7.02 yuan, with a price-to-book (P/B) ratio of 3.7 [4]