EASTONBIOPHARMACEUTICALS(SH:688513) ZHESHANG SECURITIES·2025-05-26 14:22Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company is expected to achieve revenue growth driven by new product launches, international expansion, and innovation in drug development. The anesthetic pipeline continues to evolve, with several high-barrier products approved for market entry, which is anticipated to enhance the company's competitive edge in the anesthetic and analgesic sectors [10][12] Summary by Relevant Sections Growth Capability - In 2024, the company's chemical preparations generated revenue of 1.077 billion yuan, a year-over-year increase of 22.25%. Chemical raw materials achieved revenue of 121 million yuan, up 28.65%. CMO/CDMO services saw revenue of 65 million yuan, a significant increase of 111.59%. The company has undertaken 23 CMO/CDMO projects, indicating strong growth potential from new product launches and international business expansion [2] - The company plans to launch at least 10 generic drug products and submit at least 10 new product applications in 2025, which is expected to contribute to revenue growth in the coming years [2] Internationalization of Formulations - The company received FDA approval for its Nicardipine Hydrochloride Injection in September 2024, marking its first shipment to the U.S. market. The company is gradually expanding its international product offerings, with several ANDA applications submitted for various products [3] Competitive Position in Anesthesia - As of 2024, the company has launched 16 products in the anesthetic and analgesic fields, with over 20 in development. The market share for key products is strong, with the company's Nalmefene Hydrochloride Injection holding a 61.73% market share. Newly approved high-barrier products are expected to drive revenue growth [4] - The company is advancing its high-end generic drugs, improved new drugs, and innovative drugs in the anesthetic and analgesic sectors, which will help establish its brand and enhance core competitiveness [4] Innovation and R&D Acceleration - The company is accelerating its transition from generic to innovative drug development, with R&D expenditures exceeding 20% of revenue in 2024. Investment in innovative drugs accounts for nearly 30% of R&D spending, indicating a strong commitment to innovation [5] Financial Performance - In 2024, the company achieved revenue of 1.35 billion yuan, a year-over-year increase of 20.82%, with a net profit of 238 million yuan, up 5.15%. The net profit margin after excluding stock incentive expenses showed a stable growth trend [10][12] - The overall gross margin for 2024 was 74.93%, a decrease of 5.08 percentage points, primarily due to declines in the gross margins of technical services, CMO/CDMO, and raw materials [11] Earnings Forecast and Valuation - The company is projected to achieve EPS of 1.56, 1.83, and 2.19 yuan per share for 2025, 2026, and 2027, respectively. The current closing price corresponds to a PE ratio of 22 times for 2025 [12]