NHWA(002262) 中航证券·2024-08-08 04:30Investment Rating - The investment rating for the company is "Buy" with an expectation of returns exceeding 10% relative to the CSI 300 index over the next six months [5]. Core Views - The company has demonstrated rapid revenue growth, achieving operating income of 2.763 billion yuan, a year-on-year increase of 15.13%, and a net profit attributable to shareholders of 629 million yuan, up 15.46% year-on-year [1]. - The core products have driven revenue growth, with the impact of centralized procurement gradually dissipating, leading to a robust performance in the anesthetics segment [1]. - The company has launched an equity incentive plan, reflecting confidence in long-term development, with 8.7616 million restricted shares to be granted [1]. - Significant investment in R&D has been made, with R&D expenses reaching 319 million yuan, a 13.03% increase year-on-year, and over 70 projects currently under research [1][3]. Summary by Sections Financial Performance - For the reporting period, the company achieved operating income of 2.763 billion yuan, with a net profit of 629 million yuan, and a basic earnings per share of 0.62 yuan, reflecting a year-on-year growth of 14.81% [1]. - The industrial business generated 2.359 billion yuan in revenue, a 14.51% increase, while the commercial pharmaceutical business saw revenue of 359 million yuan, up 23.64% [1]. Product Development - The anesthetics product line has shown rapid growth, with revenue from anesthetic products reaching 1.522 billion yuan, a 20.04% increase, accounting for 55.09% of total revenue [1]. - The company has over 70 projects in development, including more than 20 innovative drug projects and 9 projects undergoing consistency evaluation [3]. Future Outlook - The company is expected to see earnings per share (EPS) of 1.24 yuan, 1.49 yuan, and 1.72 yuan for the years 2024 to 2026, with corresponding dynamic price-to-earnings ratios of 19.44, 16.15, and 13.94 [3]. - The company is positioned as a leading player in the domestic central nervous system drug development and production sector, with a positive outlook for long-term growth driven by new product launches [3].