Rundu Pharma(002923) 国元证券·2024-03-25 16:00Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][77]. Core Insights - The coronary artery disease (CAD) diagnosis market in China has significant growth potential, with over 11 million patients and a long-term market space expected to exceed 4 billion [1]. - The innovative drug, Dexmedetomidine Hydrochloride, is anticipated to be a new growth driver, with a market space exceeding 1 billion [1]. - The integration of raw material and formulation development is expected to sustain steady growth in traditional business [1]. - The company is projected to achieve revenues of 1.305 billion, 1.442 billion, and 1.576 billion from 2023 to 2025, with corresponding net profits of 71 million, 120 million, and 160 million [39]. Summary by Sections 1. Integrated Development of Raw Materials and Formulations - The company has established a diversified business structure in raw materials, including antihypertensive and proton pump inhibitors, with a production base in Jingmen, Hubei [1][38]. - The company’s formulation business is expected to benefit from centralized procurement, leading to rapid sales growth [62]. 2. Innovative Drug Dexmedetomidine Hydrochloride - The drug is in the final stages of clinical trials and is expected to be launched soon, with a market potential of over 1 billion [1][27]. - The penetration rate of nuclear myocardial perfusion imaging (MPI) in China is currently low, indicating substantial room for growth [1]. 3. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 1.305 billion, 1.442 billion, and 1.576 billion from 2023 to 2025, with net profits of 71 million, 120 million, and 160 million respectively [39]. - The earnings per share (EPS) are projected to be 0.21, 0.36, and 0.48 for the same period, with corresponding price-to-earnings (PE) ratios of 53, 31, and 23 [39].