Haisco(002653) 山西证券·2024-11-28 15:00Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - The company has shown strong revenue growth, with a 15.4% increase in revenue to 2.75 billion yuan and a 90.2% increase in net profit to 380 million yuan in the first three quarters of 2024 [1][3]. - The commercialization of innovative drugs such as HSK21542 is accelerating, with expectations for its market launch soon [1]. - The company is expanding its product offerings in the fields of parenteral nutrition and anesthetic innovative drugs, with key products including HSK21542, HSK31858, and HSK31679 [1]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 2.75 billion yuan, a 15.4% year-on-year increase, and a net profit of 380 million yuan, reflecting a 90.2% increase [1]. - The sales expenses increased by 13.1% to 970 million yuan, driven by the promotion of innovative drugs [1]. - Research and development expenses rose by 10.6% to 380 million yuan, with a research expense ratio of 13.7% [1]. Market Position and Growth Potential - The company is positioned to benefit from the growing market for innovative anesthetic drugs, with HSK21542 expected to capture significant market share in pediatric and overseas markets [1]. - The projected revenue for 2024-2026 is expected to reach 3.95 billion yuan, 4.80 billion yuan, and 5.83 billion yuan, representing year-on-year growth rates of 17.8%, 21.4%, and 21.6% respectively [1][10]. - The company is also expected to see a significant increase in the contribution from anesthetic products, which accounted for 30.7% of total revenue in the first half of 2024 [1].