Haisco(SZ:002653) Soochow Securities·2024-04-21 10:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 3.355 billion yuan in 2023, representing a year-on-year increase of 11.3%, and a net profit attributable to shareholders of 295.11 million yuan, up 6.5% [2][3] - The first quarter of 2024 showed strong performance with revenue of 752 million yuan, a growth of 20.6%, and a net profit of 92 million yuan, up 219.8% [2][3] - The report highlights the company's robust growth driven by innovative products and efficient cost management, with significant potential for international licensing [2][3] Revenue and Profit Forecast - The company's total revenue is projected to reach 4.097 billion yuan in 2024, with a year-on-year growth of 22.12% [2][4] - The net profit attributable to shareholders is expected to increase to 426.58 million yuan in 2024, reflecting a growth rate of 44.55% [2][4] - The earnings per share (EPS) is forecasted to be 0.38 yuan in 2024, with a P/E ratio of 67.67 [2][4] Product Pipeline and Market Position - The company has a diverse pipeline of approximately 24 innovative drugs across four main areas: anesthesia and pain, metabolism, oncology, and respiratory [3] - The report emphasizes the accelerated penetration of the drug环泊酚, which has seen its market share in anesthesia increase from 4% in 2022 to 11% in 2023 [3] - The company is expected to commercialize four innovative drugs in 2024, with several projects having significant licensing potential [4]