Aurisco(605116) 华西证券·2024-05-06 02:09Investment Rating - The report maintains a rating of "Accumulate" for the company [17]. Core Insights - The company is expected to experience rapid growth over the next 3 to 5 years, driven by the increasing contribution from its formulation business and the expansion of its raw material drug segment [4][11]. - In 2023, the company achieved a revenue of 1.263 billion yuan, representing a year-on-year growth of 25.24%, and a net profit of 289 million yuan, up 37.19% year-on-year [6][20]. - The company’s raw material drug business saw a revenue of 1.059 billion yuan in 2023, with a year-on-year increase of 16.06%, primarily due to the rapid growth of products like Abiraterone and Eplerenone [4][10]. Summary by Sections Business Performance - The company’s formulation business is gradually contributing to core performance growth, with the launch of Dydrogesterone tablets in June 2023, which generated revenue of 90 million yuan in 2023 [4]. - The raw material drug segment is also expanding, with cardiovascular drugs generating 300 million yuan in revenue, a year-on-year increase of 26.94%, and oncology drugs achieving 244 million yuan, up 73.63% [4][10]. Future Outlook - The company is expected to continue its growth trajectory, with projections for 2024-2026 adjusted to revenues of 1.712 billion yuan, 2.157 billion yuan, and 2.614 billion yuan respectively, alongside corresponding EPS adjustments [11][20]. - The anticipated production of Semaglutide raw materials is expected to provide additional revenue flexibility, as the company has completed the construction of its production facilities [10][11]. Financial Metrics - The company’s gross margin is projected to improve from 55.9% in 2023 to 62.8% by 2026, indicating enhanced profitability [20]. - The report forecasts a net profit of 362 million yuan for 2024, reflecting a growth rate of 25.1% compared to the previous year [20].