深耕经皮给药制剂，多款产品等待上市。公司酮洛芬凝胶贴膏的获批，进一步验证了公司凝胶贴膏平台技术优势，巩固了公司在该领域的行业地位。后续公司吲哚美辛凝胶贴膏、氟比洛芬凝胶贴膏、洛索洛芬钠贴剂、酮洛芬贴剂等一系列经皮给药高端制剂打开公司成长空间。Core views:
There is a large space for core varieties, and the pattern of barriers to policy approval is good. The company's star product, Rosolofena Gel Patch, was launched in 2017 and is the first domestic imitation exclusive medical insurance dosage form. Due to current clinical approval restrictions, according to the requirements of the drug regulatory review and approval process, it is difficult to obtain approval when only PK-BE is carried out, and it is necessary to apply in conjunction with large clinical data. In the short term, loxoprofen sodium gel patch will still have a good competitive pattern, bringing a steady impetus to the company's performance growth. With the obvious growth trend in the total population and aging age structure, chronic pain disease has gradually become a disease that people generally need to face in their lives, which will further drive the increase in demand in the gel patch market.
Sales of products collected within the hospital are steadily increasing, and online and offline efforts are being actively promoted outside the hospital. The company implemented centralized volume procurement of loxoprofen sodium gel patches throughout the country or in some regions, and product sales increased steadily; the new ketoprofen gel patch also passed medical insurance negotiations in December '23. The company outside the hospital is actively promoting the construction of a marketing network, forming a national business team, and working together online and offline to bring new growth impetus to the company's products.
We are deeply involved in dermal drug delivery formulations, and many products are waiting to be marketed. The approval of the company's ketoprofen gel patch further verified the technical advantages of the company's gel patch platform and consolidated the company's position in the industry in this field. Subsequent companies opened up room for the company's growth with a series of high-end preparations for transdermal administration, such as indomethacin gel patches, flubiprofen gel patches, loxoprofen sodium patches, and ketoprofen patches.
Profit forecasting and investment advice. The company's core product, loxoprofen sodium, is still an exclusive variety. Subsequent out-of-hospital doses are expected to further contribute to the increase in performance. At the same time, the company's net profit to mother is estimated to be 0.525 billion yuan, 0.692 billion yuan, and 0.896 billion yuan respectively in 24-26 years. EPS is 1.06 yuan/share, 1.40 yuan/share, and 1.81 yuan/share, respectively. The corresponding PE is 24.31 times, 18.41 times, and 14.23 times, respectively. Comparable companies in the reference industry. Considering the strong competitiveness of the company's core products and large market space, the company was given a PE valuation of 25 times in 24 years, corresponding to a reasonable value of 26.53 yuan/share. Give it a “buy” rating.
Risk warning. Technological innovation risks, new product development uncertainty risks, environmental risks, etc.
