NHWA(SZ:002262) GOLDEN SUN SECURITIES·2024-06-13 02:02Investment Rating - The report maintains a "Buy" rating for Enhua Pharmaceutical [4] Core Views - The company has launched a restricted stock incentive plan for 2024, aiming to accelerate performance growth. The plan includes 8.76 million shares, representing approximately 0.87% of the total share capital, with a grant price of 11.51 yuan per share. The performance targets set for 2024-2026 are a minimum growth rate of 15%, 33%, and 56% for the net profit attributable to the parent company, respectively [1][2] - The incentive plan is expected to enhance management motivation, improve operational efficiency, and reduce agency costs, contributing to the company's long-term development. The approval of major products and effective project collaborations are anticipated to drive the company's growth into a new accelerated phase [2] Financial Performance Summary - Revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 5.91 billion yuan (2024), 7.07 billion yuan (2025), 8.59 billion yuan (2026) with year-on-year growth rates of 17.2%, 19.7%, and 21.4% respectively [3][10] - Net profit: 1.22 billion yuan (2024), 1.47 billion yuan (2025), 1.81 billion yuan (2026) with year-on-year growth rates of 17.4%, 20.8%, and 23.1% respectively [3][10] - The company's earnings per share (EPS) are projected to be 1.21 yuan (2024), 1.46 yuan (2025), and 1.80 yuan (2026) [3][10] - The price-to-earnings (P/E) ratios are expected to be 19x (2024), 16x (2025), and 13x (2026) [2][3] Product and Market Development - The company is set to benefit from the launch of new products, including TRV-130, which is expected to exceed 1 billion yuan in peak sales. Other products are also anticipated to contribute significantly to revenue growth [2] - A collaboration with TEVA is expected to generate sales of 2-2.5 billion yuan from 2024 to 2028, further enhancing the company's product portfolio and market position in the central nervous system (CNS) medication sector [2]