Aurisco(605116) 中国银河·2024-05-02 01:30Investment Rating - The report gives a "Recommended" rating for the company, indicating a potential upside of 5% to 20% relative to the benchmark index [18][22]. Core Insights - The company's main business, focusing on specialty APIs and intermediates, is expected to support stable profit growth. The company's technology and product layout in the small nucleic acid and peptide fields are anticipated to open up medium to long-term growth opportunities [22][44]. - The company achieved a revenue of 1.263 billion yuan in 2023, representing a year-on-year growth of 25.24%, with a net profit of 289.42 million yuan, up 37.19% year-on-year [19][20]. Summary by Sections Business Performance - The company's raw material and intermediate business generated sales revenue of 1.059 billion yuan in 2023, a year-on-year increase of 16.06%. The cardiovascular products revenue was 300 million yuan, up 26.94%, driven by strong sales of Eplerenone and Benazepril [3][31]. - The oncology products revenue reached 244 million yuan, a significant increase of 73.63%, mainly due to the growth in sales of Abiraterone [3][31]. - The women's health products, launched in 2021, achieved revenue of 189 million yuan in 2023, remaining stable year-on-year [3][31]. Financial Metrics - The overall gross margin for 2023 was 55.92%, an increase of 4.3 percentage points year-on-year, primarily due to the commencement of formulation sales, with the formulation segment's gross margin reaching 87.74% [8][20]. - The net profit margin was 22.90%, up 1.35 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 20.71%, an increase of 0.2 percentage points [8][20]. Future Projections - Revenue projections for 2024-2026 are estimated at 1.624 billion, 2.020 billion, and 2.425 billion yuan, respectively, with year-on-year growth rates of 28.62%, 24.42%, and 20.01% [16][22]. - The expected net profit for the same period is projected to be 394.20 million, 515.00 million, and 658.77 million yuan, with growth rates of 36.20%, 30.65%, and 27.92% [16][22]. Product Development - The company has made significant progress in its integrated strategy of raw materials and formulations, with the Dydrogesterone tablet receiving approval as the first generic in China [19][40]. - The company has a rich reserve of APIs and is continuously advancing global registrations, with multiple products submitted for various international approvals [32][43].