NKF(603707) 中国银河·2024-04-29 15:00Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company's overall performance is under short-term pressure, but overseas formulation exports continue to deliver results [1] - In 2023, the company achieved operating revenue of 3.931 billion yuan, a year-on-year increase of 5.89%, but the net profit attributable to the parent company turned to a loss of 189 million yuan [1] - In Q1 2024, the company reported operating revenue of 1.004 billion yuan, a year-on-year decrease of 23.19%, with a net profit of 177 million yuan, down 46.68% year-on-year [1] - The raw material drug segment is under short-term pressure, while the formulation export business continues to perform well [1] - The revenue contribution from the raw material drug segment in 2023 was 999.7 million yuan, down 10.12% year-on-year, accounting for 25.37% of total revenue [1] - The formulation segment achieved revenue of 2.772 billion yuan, a year-on-year increase of 12.75%, with overseas formulation sales exceeding 1.9 billion yuan, up over 25% [1] - The company's overall gross margin was 38.49%, down approximately 12.18 percentage points year-on-year, primarily due to historical low prices of heparin raw materials and domestic formulation price reductions [1] - The company is transitioning from a heparin raw material enterprise to a high-end formulation direction, with significant growth prospects [1] Financial Summary - The company forecasts operating revenue of 4.403 billion yuan in 2024, with a growth rate of 12.02% [2] - The net profit attributable to the parent company is expected to be 918.33 million yuan in 2024, with a profit growth rate of 584.75% [2] - The gross margin is projected to be 45.99% in 2024 [2] - The diluted EPS is expected to be 0.57 yuan in 2024, with a PE ratio of 22.94 [2] - The company has a total asset forecast of 11.525 billion yuan by 2024 [3]