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研报掘金丨招商证券:华海药业Q3盈利能力显著提升,维持“强烈推荐”评级

Research reports digging for gold丨China Merchants: Zhejiang Huahai Pharmaceutical's Q3 profitability has significantly improved, maintaining a "strongly recommended" rating.

Gelonghui Finance ·  Nov 22 03:01

China Merchants research reports pointed out that Zhejiang Huahai Pharmaceutical (600521.SH) Q3 overall performance approached the upper limit of the forecast, with significantly improved profitability. It is expected that the company's active pharmaceutical ingredient and formulation product structure will continue to adjust, the proportion of new products will increase, and the demonstration of lean management, economies of scale, and technological innovation will drive a significant increase in profit margins. Since the beginning of this year, several of the company's products have entered key clinical stages. Zhejiang Huahai Pharmaceutical is a leading integrated domestic active pharmaceutical ingredient and formulation company, with the inflection point of active pharmaceutical ingredients and generic drug formulations pointing upwards. Profitability is expected to continue to improve, innovative drugs are gradually entering the harvest period, and innovative assets are expected to undergo a value reassessment. Taking into account factors such as foreign exchange fluctuations, the company's profit forecast has been slightly adjusted, with the company's net income attributable to the parent expected to be 1.3/1.59/1.96 billion yuan for 2024-2026, with year-on-year growth rates of 57%/22%/23%, corresponding to PEs of 20/17/13 times, maintaining a "strongly recommended" investment rating.

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