NHWA(SZ:002262) Guotai Junan Securities·2024-04-13 16:00Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 29.53 yuan, up from the previous target of 29.50 yuan [1][2]. Core Views - The company's performance is in line with expectations, showing steady revenue growth, particularly in the anesthesia business, which is expected to maintain a high growth trend. New products are entering a volume growth phase [1][2]. - The report highlights that the company achieved a revenue of 5.042 billion yuan and a net profit attributable to shareholders of 1.037 billion yuan in 2023, representing a year-on-year increase of 17.28% and 15.09%, respectively [1][2]. - The anesthesia business generated revenue of 2.702 billion yuan, accounting for 50.58% of total revenue, with a year-on-year growth of 24.29% [1][2]. Summary by Sections Financial Performance - The company reported total revenue of 5,042 million yuan in 2023, with a cost of sales of 1,370 million yuan and operating profit (EBIT) of 1,112 million yuan [2]. - The net profit attributable to shareholders was 1,037 million yuan, reflecting a growth rate of 15% compared to the previous year [2]. - Earnings per share (EPS) for 2023 was 1.03 yuan, projected to increase to 1.28 yuan in 2024 [1][2]. Business Segments - The anesthesia segment continues to show robust growth, with expectations for new products like remifentanil and sufentanil to contribute significantly to revenue [1][2]. - The report notes that the company's R&D investment reached 614 million yuan in 2023, a year-on-year increase of 23.92%, indicating a commitment to innovation and product development [1][2]. Market Position - The company is positioned as a key player in the central nervous system drug market, focusing on anesthesia, psychiatric, and neurological products [2]. - The report emphasizes the company's established marketing network and product series, which are crucial for maintaining its competitive edge in the industry [2].