NHWA(SZ:002262) KAIYUAN SECURITIES·2025-03-31 09:27Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.698 billion yuan in 2024, representing a year-on-year increase of 13.01%. The net profit attributable to shareholders was 1.144 billion yuan, up by 10.28% [3][4] - The company is focusing on the central nervous system drugs, benefiting from the recovery in surgical volumes and the expanding application scenarios for anesthetics. The existing products and new innovations are expected to continue contributing to revenue [4][3] - The company has 14 innovative drug projects in development, with NH600001 already in Phase III clinical trials, expected to submit NDA materials in 2025 [4] Financial Summary - Revenue and profit growth are steady, with clear drivers for performance. The projected net profits for 2025, 2026, and 2027 are 1.294 billion, 1.495 billion, and 1.746 billion yuan respectively, with corresponding EPS of 1.27, 1.47, and 1.72 yuan per share [3][6] - The gross margin for 2024 was 73.56%, and the net margin was 20.02%. The company’s sales expense ratio was 34.83%, while the R&D expense ratio was 10.45% [3][6] - The company’s total market capitalization is 23.951 billion yuan, with a current stock price of 23.57 yuan [1][3]