差异化创新布局进入收获期，管线丰富潜力巨大

Investment Rating - The report maintains a "Buy" rating for the company Haisco (002653.SZ) [2] Core Views - The company is entering a harvest period with a rich pipeline of innovative drugs and significant growth potential [2][3] - The performance in Q1 2023 met expectations, with revenue growth of 20% year-on-year and a total revenue of 3.355 billion yuan, representing an 11.27% increase compared to the previous year [2][8] - The company has made significant progress in both domestic and international markets, particularly with its anesthetic product, achieving rapid market penetration and hospital access [2][3] Financial Performance - In Q1 2023, the net profit attributable to shareholders was 295 million yuan, a year-on-year increase of 6.51%, while the net profit after deducting non-recurring items was 242 million yuan, showing a remarkable growth of 153.20% [2][8] - The company plans to distribute a cash dividend of 2.00 yuan for every 10 shares to all shareholders [2] - For Q1 2024, the company expects revenue of 752 million yuan, a year-on-year increase of 20.60%, with a net profit of approximately 91.96 million yuan, reflecting a significant growth of 219.86% [2] Product Pipeline and Clinical Development - The company has 12 innovative Class 1 drugs entering clinical stages, indicating a robust pipeline [3] - Notable products include HSK21542 for postoperative pain, which has submitted an NDA in October 2023, and HSK16149 for diabetic peripheral neuropathy, with an NDA submission completed in November 2023 [3][9] - HSK7653, a long-acting diabetes medication, has completed its research and submitted relevant materials for review, with preparations for market launch already underway [3][9] Revenue and Profit Forecast - The company anticipates revenues of 3.876 billion yuan, 5.086 billion yuan, and 6.709 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.5%, 31.2%, and 31.9% [3][10] - The forecasted net profit for the same period is expected to be 552 million yuan, 897 million yuan, and 1.379 billion yuan, with growth rates of 86.9%, 62.6%, and 53.8% respectively [3][10]