Investment Rating - The investment rating for the company is "Hold (First Coverage)" [1] Core Views - The company is a national high-tech enterprise specializing in the research, production, and sales of veterinary raw materials, pharmaceutical raw materials, and intermediates, with a comprehensive product range covering various fields such as anti-infection and analgesics [6][9] - Despite a decline in revenue and net profit due to intensified market competition and reduced end demand, the company is expected to reverse its current difficulties through overseas market expansion and new product development in the pet medicine sector [6][24] - The global pharmaceutical market is projected to reach $1.9 trillion by 2027, driven by an aging population and increasing chronic disease prevalence, providing a favorable environment for the company's growth [6][24] Financial Forecast - Total revenue is forecasted to decline from 166.62 million in 2024 to 238.31 million in 2026, with growth rates of -22.54%, 14.01%, and 25.45% respectively [5] - Net profit is expected to decrease from 50.75 million in 2024 to 88.56 million in 2026, with growth rates of -40.12%, 22.39%, and 42.58% respectively [5] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 32.47, 26.53, and 18.61 respectively, indicating a potential for valuation improvement [5] Company Overview - The company was established in 2007 and went public on the Beijing Stock Exchange in February 2024, becoming one of the longest and most comprehensive suppliers of sulfonamide raw materials and intermediates in the industry [6][9][10] - The actual controllers of the company are Ye Shan Hai and Ye Jin Zhi, who collectively hold 50.5% of the shares, indicating a stable and concentrated ownership structure [6][19] Product and Business Layout - The company has a comprehensive product chain and focuses on three main areas: veterinary raw materials, pharmaceutical raw materials, and intermediates, forming a dual-driven development model of "sulfonamide + non-sulfonamide" [24][25] - Key products include sulfanilamide sodium, crystalline sulfanilamide, and celecoxib, with international certifications such as EU CEP and Japan MF [6][32] - The company is actively expanding into the pet medicine market and developing high-end intermediates, which are expected to enhance its competitive position [6][24][25] Customer Resources - The company has established stable relationships with major domestic and international clients, including ELANCO and CHORI, with overseas revenue accounting for 32.73% as of the first half of 2024 [6][35] - The top five customers contributed 51.57% of the company's revenue in the first half of 2024, indicating a relatively concentrated customer base [6][39] R&D and Innovation - The company has increased its R&D investment, with expenses growing from 6.02 million in 2019 to 9.03 million in 2023, reflecting a compound annual growth rate of 10.70% [6][41] - A new R&D center was established in May 2024, equipped with advanced facilities and talented personnel, further enhancing the company's innovation capabilities [6][41]
海昇药业：“全产业链布局与国际化突破”双轮驱动，抢占高毛利市场-20250316