SUNHERE(SZ:300452)2022-12-04 09:54Group 1: Company Performance and Market Position - The company believes that 2019 was a turning point, with the effects of consistency evaluation gradually becoming evident. Currently, 31 oral solid dosage forms have entered volume-based procurement, indicating potential for future growth [2] - The overall performance growth is not very significant due to many small and medium enterprises lacking resilience to industry changes, leading to severe business shrinkage [3] - As an industry leader, the company's market share is expected to further increase despite a generally smooth industry growth rate [3] Group 2: Research and Development - The company has approximately 15 national authorized invention patents, with 4 new patents added last year. It collaborates with several research institutions for innovation [3] - Future product development will focus on controlled-release excipients, premixed excipients, and injectable excipients, addressing a gap in the domestic market [4] Group 3: Export Business Growth - The company's foreign trade performance has an average annual growth rate of about 30%, with a significant increase of 30-40% in the first quarter [4] - The slowdown in foreign trade growth in 2019 was primarily due to the impact of US-China trade relations and international situations affecting exports to Iran [4] Group 4: Domestic Market and Import Substitution - Import substitution is expected to be a significant growth point for the company in the next five years, as domestic excipient quality improves and cost pressures increase [5] - The domestic excipient market is currently dominated by oral dosage forms, which account for about 70% of the market share, while injectable excipients remain underutilized [4]