GLORIA PHARMA.(002437) 天风证券·2024-12-30 01:00Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 3.23 CNY per share based on a target PE of 38X for 2024 [13][26]. Core Insights - The company is expected to see revenue growth in its orthopedic drugs, with projected growth rates of 10%, 9%, and 9% for the years 2024 to 2026, respectively [2]. - The company has a strong position in the vitamin drug market, holding over 80% market share in its segment [24]. - The overall revenue forecast for the company is 23.31 billion CNY in 2024, with a projected net profit of 1.94 billion CNY [13]. Summary by Sections Company Overview - Harbin Yuheng Pharmaceutical Co., Ltd. was established in 2000 and focuses on the research, production, and sales of pharmaceuticals across various fields, including orthopedic, cardiovascular, vitamin, and anti-tumor drugs [10][45]. Product Pipeline and Market Position - The company has a rich product pipeline and is focusing on joint-related drugs, with its main product, Deer Peptide Injection, selected for the "3+N" alliance in the Beijing-Tianjin-Hebei region, which is expected to drive revenue growth [9][46]. - The electrolyte drug segment is also a key growth area, with the company being a leader in this market [15][47]. Financial Performance and Projections - The company’s revenue for 2023 was 2.63 billion CNY, with a projected decline of 11% in 2024, followed by a recovery with growth rates of 9% and 11% in 2025 and 2026, respectively [13][16]. - The net profit attributable to shareholders is expected to recover from a loss in 2022 to 1.94 billion CNY in 2024, with an EPS of 0.09 CNY [13][16]. Market Trends and Opportunities - The aging population in China is driving demand for cardiovascular drugs, with the market expected to grow significantly [14][71]. - The company’s cardiovascular products, including An Nao Wan/Pian, have recently had their medical insurance payment restrictions lifted, which is anticipated to enhance revenue growth [78]. Competitive Landscape - The company maintains a competitive edge in the vitamin drug market, with a strong presence in the segment and a well-established product line [24][35]. - The orthopedic drug market is competitive, but the company aims to achieve volume growth through pricing strategies [2][9].