公司简评报告：肝素原料药有望触底反弹，创新研发顺利推进

Investment Rating - The report maintains a "Buy" rating for the company, considering the expected price rebound of heparin raw materials and the rapid growth potential of low molecular weight heparin sodium [4]. Core Views - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 2.05 billion, 2.42 billion, and 2.73 billion yuan respectively, and net profits of 322 million, 395 million, and 463 million yuan respectively [4][20]. - The heparin raw material market is anticipated to enter a price upcycle, with significant improvements in gross margins due to reduced upstream material costs and no inventory pressure [21]. - The company is actively expanding its product lines, including the successful launch of enoxaparin sodium injection, which is expected to increase market share through national procurement [22]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 1.81 billion yuan, a decrease of 21.24% year-on-year, and a net profit of 182 million yuan, down 43.77% year-on-year [20]. - The gross margin for heparin raw materials was reported at 13.37%, reflecting a decline due to significant price drops in the heparin market [20]. Revenue and Profit Forecast - The forecast for 2024-2026 includes revenues of 2.05 billion, 2.42 billion, and 2.73 billion yuan, with corresponding net profits of 322 million, 395 million, and 463 million yuan [4][9]. - The earnings per share (EPS) are projected to be 0.25, 0.31, and 0.36 yuan for the years 2024, 2025, and 2026 respectively [4][10]. Market Dynamics - The heparin raw material prices are expected to rebound as they have reached a cyclical low, with exports increasing by 18.67% in Q1 2024 [21]. - The company has established a partnership to enhance the production of high-end heparin raw materials, which is expected to improve quality and profitability [21]. Product Development - The company is increasing its R&D investment, with a focus on innovative drugs such as QHRD107 and QHRD110, which are progressing well in clinical trials [19]. - The enoxaparin sodium injection is anticipated to become a new growth driver due to its competitive pricing and market potential [22].