山西证券：研究早观点-20241129

Group 1: Industry Overview - The coal import volume from January to October 2024 reached 435 million tons, a year-on-year increase of 14%, with October alone seeing an import of 46.25 million tons, up 28.51% year-on-year but down 2.82% month-on-month [6][8]. - The average import price of coal for the first ten months of 2024 was recorded at $98 per ton, a decrease of 12.28% compared to the same period last year. In October, the price was $89 per ton, down 10.03% year-on-year and 2.83% month-on-month [6][8]. - The coal import structure has shown differentiation, with coking coal's proportion increasing while anthracite's share has decreased. The demand for thermal coal remains weak due to higher temperatures in southern regions [8][9]. Group 2: Company Insights - The company reported a revenue of 2.75 billion yuan for the first three quarters of 2024, representing a 15.4% increase year-on-year, with a net profit of 380 million yuan, up 90.2% [19][20]. - The company is focusing on innovative drugs such as环泊酚 and HSK21542, with the latter expected to launch soon.环泊酚 has captured a 21.5% market share in domestic intravenous anesthesia [20][21]. - The company anticipates revenue growth driven by the commercialization of its innovative drugs, projecting revenues of 3.95 billion, 4.80 billion, and 5.83 billion yuan for 2024 to 2026, with net profits expected to grow significantly [25].