恩华药业2024年一季报点评：业绩稳健增长，新品步入放量周期

Investment Rating - The investment rating for the company is "Buy" with a target price of 29.53 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company's performance is in line with expectations, showing a steady growth trend. Operational efficiency has improved, and the impact of centralized procurement is gradually diminishing. Increased investment in research and development is noted, with new products entering a volume growth phase [1][2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 1.358 billion CNY, a year-on-year increase of 15.16%, and a net profit of 265 million CNY, reflecting a growth of 16.64% [1]. - The gross profit margin and net profit margin were 70.78% and 19.54%, respectively, with the gross profit margin showing a decline due to centralized procurement and price reductions [1][2]. Operational Efficiency - The company has optimized its sales expense ratio, management expense ratio, and financial expense ratio, which were 32.19%, 3.49%, and -0.47%, respectively, indicating improved operational efficiency [1]. - The company expects the marginal impact of centralized procurement to gradually diminish, with ongoing optimization of period expenses likely to enhance operational efficiency [1]. Research and Development - R&D expenses increased significantly, amounting to 143 million CNY, which is 10.56% of operating revenue, marking a year-on-year growth of 30.77% [1][2]. - The company is advancing its R&D pipeline, with new products expected to enter the market, including a drug that will be included in the national medical insurance directory starting April 2024 [1]. Financial Projections - The company forecasts operating revenue of 6.110 billion CNY for 2024, with a projected net profit of 1.292 billion CNY, reflecting growth rates of 21% and 33%, respectively [2]. - The earnings per share (EPS) are projected to be 1.28 CNY for 2024, with further increases expected in subsequent years [1][2].