Aurisco(605116) 东吴证券·2025-01-14 01:28Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Insights - The company is transitioning towards an integrated model of raw materials and formulations, with initial success in establishing a peptide and oligonucleotide platform [9]. - The company is expected to benefit from the expiration of numerous patents in the pharmaceutical industry, which will likely increase the demand for active pharmaceutical ingredients (APIs) [9]. - The company has a robust pipeline of API products and is actively pursuing high-end market certifications, enhancing its competitive position [9]. Summary by Sections 1. Focus on Specialty APIs and Integrated Development - The company specializes in high-barrier APIs and intermediates, with a focus on international markets, and has established long-term partnerships with major pharmaceutical companies [17][19]. - The company has expanded into the CRO&CDMO business for oligonucleotide drugs, marking a significant step in its integrated development strategy [19]. 2. Steady Growth in API Business and Initial Success in Integration - The company's revenue has grown from 582 million yuan in 2019 to 1.263 billion yuan in 2023, with a CAGR of 21.37% [25]. - The net profit attributable to shareholders increased from 186 million yuan in 2019 to 289 million yuan in 2023, with a CAGR of 11.67% [25]. - The company’s first formulation product, Dydrogesterone tablets, was approved in 2023, contributing to revenue growth [25]. 3. Development of GLP-1 Drugs and Expansion of the Industry Chain - The global sales of GLP-1 drugs, particularly Semaglutide, have seen significant growth, indicating a robust market potential for the company [9]. - The company has developed a fermentation method for producing Semaglutide, which offers cost advantages and is expected to become mainstream [9]. 4. Earnings Forecast and Investment Rating - The company’s total revenue is projected to reach 1.474 billion yuan in 2024, with a year-on-year growth rate of 16.8% [9]. - The net profit attributable to shareholders is expected to be 384.77 million yuan in 2024, reflecting a growth rate of 33% [9]. - The report anticipates a P/E ratio of 20 for 2024, indicating a favorable valuation based on the company's growth prospects [9].