Menovo(603538) 天风证券·2024-10-23 12:30Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [5][68]. Core Insights - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 1.463 billion, 1.859 billion, and 2.263 billion yuan, representing year-on-year growth rates of 20.29%, 27.03%, and 21.77% respectively [5][68]. - The company has a strong focus on the integrated development of APIs, formulations, and CDMO services, which is expected to enhance its competitive position in the market [13][68]. - The demand for hypertension medications is anticipated to rise due to increasing prevalence, particularly for ARB and ACEI drugs, which will benefit the company's core API products [29][39]. - The company has established deep collaborations with major clients like KRKA and Merck, which are expected to provide stable long-term revenue streams [4][63]. Summary by Sections 1. Integrated Development Strategy - The company focuses on a three-pronged strategy involving CDMO, specialty APIs, and formulations, serving major global markets and covering various therapeutic areas [13][14]. - The company has optimized its production capacity and is positioned to benefit from the recovery of API prices [22][24]. 2. API Market Outlook - The company has a strong portfolio in hypertension medications, with expectations for price stabilization and profit release in key API products [2][29]. - The demand for ARB and ACEI drugs is projected to grow, driven by the increasing incidence of hypertension in China [29][39]. 3. Formulation Business Expansion - The company is actively expanding its formulation business, leveraging its API advantages to increase market share and brand influence [3][50]. - The number of formulation projects has significantly increased, with 19 products approved for market entry in 2023 [3][56]. 4. Client Collaborations - The company has deepened its partnerships with KRKA and Merck, enhancing its product lines and securing ongoing orders [4][63]. - The collaboration with KRKA has led to joint development projects and a stable supply chain, while the partnership with Merck is expected to yield new product launches [59][63]. 5. Financial Projections - The company forecasts significant revenue growth across its segments, with the API segment expected to generate revenues of 8.69 billion, 11.00 billion, and 13.13 billion yuan from 2024 to 2026 [68]. - The formulation segment is projected to grow rapidly, benefiting from the integration with the API business and increased self-research investments [66][68].