卫信康：肠外营养领域优势显著，多产品矩阵驱动增长恢复-20250228

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Views - The company has a significant competitive advantage in the parenteral nutrition sector, supported by a well-structured product matrix and ongoing R&D investments [3][4][5]. - The diversified product pipeline is expected to drive sustained revenue growth, with core products showing signs of recovery and new products being launched [4][5][25][36]. Summary by Sections Company Overview - The company has been focused on the parenteral nutrition market since its inception in 2002, establishing a strong brand and product differentiation through continuous R&D [8][9]. - It has developed a competitive edge with several products being the first domestic generics or unique offerings in the market [9][30]. Financial Performance - Revenue has experienced fluctuations, but profit has shown steady growth, with a projected recovery in revenue growth starting in 2024 [12][25]. - The company expects revenues of 1.371 billion, 1.644 billion, and 1.991 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3.6%, 20.0%, and 21.1% [5][39]. Product Pipeline and Market Strategy - The core product, injection of multiple vitamins (12), has a high market share and is expected to see revenue growth due to successful procurement bids [27][30]. - New products, including pediatric multi-vitamins and various microelement injections, are anticipated to contribute to revenue growth, with several products already approved for market entry [33][36]. Investment Recommendations - The company is well-positioned in a high-barrier market with a strong brand advantage, and it is expected to benefit from ongoing product launches and market penetration [5][37]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.64, 0.78, and 0.99 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 14.8, 12.1, and 9.6 [5][39].