NHWA(002262) 国泰君安·2024-10-28 04:46Investment Rating - The report maintains a rating of "Buy" for the company [4]. Core Views - The company is experiencing steady revenue growth, with the anesthetics business expected to maintain a high growth trend. Profit margins are improving, and operating cash flow is in good condition. Increased R&D investment is leading to a new product launch cycle [3][4]. - The company achieved revenue of 4.145 billion and net profit of 1.020 billion in Q1-Q3 2024, representing year-on-year growth of 13.39% and 15.18%, respectively [3]. - The anesthetics business is projected to continue its rapid growth, with key products like Remifentanil and Sufentanil entering the market [3]. - The company has increased its R&D expenditure to 436 million in Q1-Q3 2024, a year-on-year increase of 13.25%, with significant new products expected to contribute to revenue growth [3]. Financial Summary - Revenue Forecast: - 2022A: 4,299 million - 2023A: 5,042 million - 2024E: 6,004 million - 2025E: 7,150 million - 2026E: 8,530 million - Year-on-year growth rates are projected at 9.2%, 17.3%, 19.1%, 19.1%, and 19.3% respectively [2]. - Net Profit Forecast: - 2022A: 901 million - 2023A: 1,037 million - 2024E: 1,221 million - 2025E: 1,469 million - 2026E: 1,795 million - Year-on-year growth rates are projected at 12.9%, 15.1%, 17.7%, 20.3%, and 22.2% respectively [2]. - Earnings Per Share (EPS): - 2022A: 0.89 - 2023A: 1.02 - 2024E: 1.20 - 2025E: 1.45 - 2026E: 1.77 [2]. - Return on Equity (ROE): - 2022A: 16.0% - 2023A: 16.1% - 2024E: 16.9% - 2025E: 17.9% - 2026E: 19.2% [2]. - Price-to-Earnings Ratio (P/E): - Current: 29.84 - 2024E: 22.02 - 2025E: 18.30 - 2026E: 14.98 [2]. Market Position - The company is positioned as a leader in the domestic market for anesthetics, with a stable market structure expected following regulatory changes [3].