Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [19]. Core Insights - The company has been deeply engaged in the steroid drug sector for nearly 20 years, establishing itself as one of the largest suppliers of steroid drug starting materials globally, with a market share of approximately 60% [26][57]. - The company is expanding its product offerings downstream, moving from starting materials to raw materials, which opens up significant growth opportunities [4][19]. - The company has achieved technological breakthroughs in the production of key intermediates and is set to increase its production capacity significantly in the coming years [39][62]. Summary by Sections Company Overview - The company, established in 2006 and listed in 2021, focuses on the research, production, and sales of steroid drug intermediates and starting materials. It has become a leading supplier in the steroid drug starting material market [26][57]. - The company has a high ownership concentration, with the controlling shareholders holding 35.38% of the shares, reflecting confidence in the company's long-term development [28][55]. Industry Overview - The steroid drug market is vast, with the Chinese market growing rapidly. The global steroid drug market size increased from 147.5 billion in 2021, with a compound annual growth rate (CAGR) of 8.71% [69]. - The Chinese steroid drug market size grew from 87.9 billion in 2021, with a CAGR of 12.12% [69]. Investment Highlights - Innovations in new processes are expected to drive rapid growth in the BA market, with significant potential for market expansion [19][67]. - The steroid drug intermediate sector is undergoing consolidation, which may enhance the company's market share [19][67]. - The company is set to launch new production capacities that will contribute to rapid revenue growth, with expected annual revenue contributions of approximately 368 million yuan from new projects [19][62]. Financial Forecast - The company forecasts revenues of 583 million yuan, 943 million yuan, and 1.46 billion yuan for 2023, 2024, and 2025, respectively, with corresponding net profits of 22 million yuan, 6 million yuan, and 80 million yuan [21][19]. - The company’s revenue growth rate is projected to rebound significantly in 2024 and 2025, following a decline in 2023 [21][19].
聚焦甾体药物领域，产品向下游延展打开成长空间