HWHG(600079) KAIYUAN SECURITIES·2024-12-02 03:33Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Views - Three products have been newly included in the medical insurance catalog, which is expected to contribute to performance growth. The products are: - Propofol sodium injection - Hydromorphone hydrochloride sustained-release tablets - Clobazam tablets - The inclusion of these products in the insurance catalog will enhance market accessibility and sales potential, diversifying the company's profit growth points [7]. - The company is expected to continue expanding its market share through ongoing innovation and high-quality production, particularly in the anesthesia sector [7]. - The forecast for net profit attributable to the parent company for 2024-2026 is projected to be 2.46 billion, 3.05 billion, and 3.63 billion yuan respectively, with corresponding EPS of 1.51, 1.87, and 2.22 yuan per share [7]. Financial Summary - The company's revenue for Q1-Q3 2024 reached 19.14 billion yuan, a year-on-year increase of 5.70%. The net profit attributable to the parent company was 1.74 billion yuan, up 20% year-on-year [9]. - The company is actively promoting its "core focus" strategy, with significant growth in its core anesthesia products, which are expected to grow naturally with the increase in surgical volumes [9]. - The financial projections for the company indicate a steady increase in revenue and net profit over the next few years, with revenue expected to reach 27.19 billion yuan in 2024, growing to 34.03 billion yuan by 2026 [11].