仙琚制药：甾体激素隐形冠军，新旧动能切换

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 17 yuan based on a 25x PE for 2024 [40][37]. Core Insights - The company is recognized as a hidden champion in the steroid hormone sector, with a strong potential for growth driven by complex formulations and international expansion [51]. - The company has achieved a compound annual growth rate of 8% in revenue and 32% in net profit from 2015 to 2022, despite a decline in 2023 due to centralized procurement impacts on key products [51]. - The report highlights the company's robust pipeline, including several first-generic products and innovative drugs expected to drive future growth [46][51]. Summary by Sections Company Overview - The company focuses on the research and production of steroid hormone APIs and formulations, being one of the oldest and most competitive players in the domestic market [37]. Financial Performance - In 2023, the company reported revenues of 4.123 billion yuan, a decrease of 5.9%, and a net profit of 563 million yuan, down 24.9% due to centralized procurement affecting key products [51]. - Forecasted net profits for 2024-2026 are 667 million, 830 million, and 1.03 billion yuan, respectively, with growth rates of 18.5%, 24.3%, and 24.1% [37]. Product Pipeline - The company is advancing in high-difficulty complex formulations, with several products expected to launch in the next two years, including gynecological and anesthetic drugs [37][46]. - The report emphasizes the potential of the company's innovative drug, Omegex Sodium, which is expected to be submitted for approval in 2024 [37][46]. Market Position - The company has established a strong market presence in the respiratory sector with its core products, achieving market shares of 63.2% and 17.7% for its nasal spray and inhalation powder, respectively [13]. - The report notes the significant growth potential in the inhalation formulation market, projected to reach nearly 30 billion yuan by 2030 [11].