Haisco(SZ:002653) Guoxin Securities·2024-05-15 08:02Investment Rating - The report assigns an "Accumulate" rating for the company, marking it as the first rating given [1]. Core Views - The company has shown rapid growth in anesthetic product sales, with a 94.5% year-on-year increase in sales revenue for the anesthetic product, remimazolam [2][3]. - The company achieved a revenue of 3.355 billion yuan in 2023, representing an 11.3% increase year-on-year, and a net profit of 295 million yuan, which is a 6.5% increase year-on-year [2][7]. - The innovative drug transformation is beginning to yield results, with a robust pipeline of 12 innovative drugs in clinical stages [3][19]. Financial Forecast and Key Metrics - Revenue projections for 2024, 2025, and 2026 are estimated at 4.015 billion yuan, 4.931 billion yuan, and 5.885 billion yuan, respectively, with corresponding net profits of 451 million yuan, 659 million yuan, and 916 million yuan [3][29]. - The company’s EBIT margin is expected to improve from 8.8% in 2023 to 16.9% by 2026 [1][29]. - The projected earnings per share (EPS) are 0.40 yuan for 2024, 0.59 yuan for 2025, and 0.82 yuan for 2026 [1][29]. Product Performance - The anesthetic product remimazolam has received multiple approvals in China and is progressing well in clinical trials in the U.S. for additional indications [2][20]. - The company’s core product, remimazolam, has increased its market share in the intravenous anesthetic market from 4% in 2022 to 11% in 2023 [20]. - The company has transitioned its sales model for key products to a self-operated team for professional academic promotion, which is expected to enhance growth [2][3]. Pipeline and Innovation - The company has a strong pipeline with several innovative drugs, including HSK16149 for diabetic peripheral neuropathic pain, HSK21542 for postoperative pain, and HSK7653 for diabetes management, all of which are in various stages of regulatory review [3][19][27]. - The innovative drug HSK7653 has completed its supplementary research and is currently under review for approval [27][30]. Market Position - The company has established a significant presence in various therapeutic areas, including anesthetics, parenteral nutrition, oncology, and metabolic diseases, with a focus on high-margin innovative products [14][24]. - The company’s gross margin improved to 71.0% in 2023, attributed to the increasing revenue share from high-margin innovative drugs [11][30].