Huiyu Pharmaceutical(688553) 开源证券·2025-02-26 12:25Investment Rating - The report assigns a "Buy" rating for the company, Huayu Pharmaceutical (688553.SH), for the first time [1]. Core Insights - Huayu Pharmaceutical focuses on the oncology field, with a strategy driven by overseas expansion and innovation, aiming for new growth [5]. - The company has over 100 projects in development, including 13 first-class innovative drugs and 5 improved new drug projects, primarily targeting oncology and related fields [5]. - The projected net profits for the company from 2024 to 2026 are estimated to be CNY 357 million, CNY 384 million, and CNY 423 million, respectively, with corresponding EPS of CNY 0.84, CNY 0.91, and CNY 1.00, leading to PE ratios of 16.9, 15.7, and 14.2 times [5]. Summary by Sections Company Overview - Huayu Pharmaceutical is a research-driven pharmaceutical company established in 2010, primarily engaged in the R&D, production, and sales of anti-tumor and injection drugs [16]. - The company has a stable and concentrated shareholding structure, with the actual controller holding 26.93% of the shares [18]. Financial Performance - The company’s revenue for the first three quarters of 2024 reached CNY 852 million, a year-on-year increase of 29.2%, while the net profit attributable to shareholders was CNY 230 million, up 155.6% year-on-year [21][22]. - The gross profit margin for 2023 was 85.93%, with a net profit margin of 11.77% for the first three quarters of 2024 [25]. Product Sales and Market Position - The company’s domestic sales have rebounded, with a total of CNY 722 million in domestic sales for the first three quarters of 2024, showing an increase of over 20% [27]. - The drug Oxaliplatin has become the largest single product, accounting for 37.02% of sales [27]. International Expansion - The company’s overseas sales have rapidly increased, with CNY 102 million in overseas sales for the first three quarters of 2024, representing a year-on-year growth of 76.74% [6]. - The overseas market is expected to become a new growth point for the company as it expands its product offerings and geographical coverage [6]. R&D Investment - The company invested CNY 225 million in R&D in the first three quarters of 2024, accounting for 26.42% of its revenue [7]. - Multiple innovative drugs are in clinical trials, focusing on targeted therapy and immunotherapy [7].