NHWA(SZ:002262) KAIYUAN SECURITIES·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating expected performance to exceed the market by over 20% [3][10]. Core Views - The company achieved a revenue of 5.042 billion yuan in 2023, representing a year-on-year increase of 17.28%. The net profit attributable to the parent company was 1.037 billion yuan, up 15.12% year-on-year [3][4]. - The report highlights steady growth in anesthetic products, with significant contributions from new products "Hydromorphone" and TRV130, which are expected to further increase sales volume [5][6]. - The company has over 20 innovative projects in the pipeline, with several clinical trials completed or ongoing, indicating a strong focus on research and development [5][6]. Financial Performance Summary - In 2023, anesthetic product revenue reached 2.702 billion yuan, a 24.29% increase, accounting for 53.60% of total revenue. Other segments include psychotropic products at 1.092 billion yuan (+3.74%) and commercial pharmaceuticals at 709 million yuan (+37.25%) [4][6]. - The company’s operating income is projected to grow to 6.018 billion yuan in 2024, with a year-on-year growth rate of 19.4%, and net profit is expected to reach 1.223 billion yuan, reflecting an 18.0% increase [6][7]. - The report provides a detailed financial forecast, with EPS expected to rise from 1.03 yuan in 2023 to 1.77 yuan by 2026, indicating a positive growth trajectory [6][7].