Haisco(002653) 开源证券·2024-12-25 06:04Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [27][39][43]. Core Insights - The company is transitioning from a focus on generic drugs to innovative drug development, particularly in the fields of anesthesia, pain management, diabetes, and oncology [27][43][44]. - The product HSK21542, a kappa receptor agonist, is expected to significantly contribute to revenue growth, with its approval for postoperative analgesia and chronic kidney disease-related pruritus anticipated in the near future [17][22][43]. - The company has a diverse pipeline with over 40 products, including several that are first or exclusive generics in China, indicating a strong market position [43][44]. Summary by Sections Company Overview - The company has evolved over 20 years from a specialty generic manufacturer to an innovative pharmaceutical enterprise, with a stable shareholding structure and effective management team [49][50][55]. Financial Performance - The company reported a revenue of 3.36 billion yuan in 2023, with a year-on-year growth of 11%, and a net profit of 295 million yuan, reflecting a 7% increase [60]. - Projections for 2024-2026 indicate a net profit of 598 million yuan, 728 million yuan, and 972 million yuan respectively, with corresponding EPS of 0.53, 0.65, and 0.87 yuan [43][45]. Product Pipeline - HSK21542 is positioned to capture a significant share of the postoperative analgesia market, with expected sales reaching 12.76 billion yuan by 2028 [7][17]. - The company has completed multiple clinical trials for HSK21542, demonstrating its commitment to advancing its product offerings [25][43]. Market Potential - The postoperative analgesia market is projected to grow significantly, with HSK21542 expected to achieve a market share of 3.0% by 2028 [7][17]. - The chronic kidney disease-related pruritus market has limited approved treatments, positioning HSK21542 favorably to meet unmet clinical needs [22][43].