根据公司发布的业绩指标，以2023 年净利润为基数（10.34 亿元），2024 年-2026年净利润增长率分别为15%、33%、56%，即11.89 亿元、13.75 亿元、16.13 亿元（剔除股份支付费用），同比增速为15.00%、15.65%、17.29%，2024-2026 年净利润CAGR 达到16.47％。对激励对象而言，业绩目标明确，同时具有一定的挑战性；对公司而言，业绩指标的设定能够促进激励对象努力尽职工作，提高业绩表现，指标的设定兼顾了激励对象、公司、股东三方的利益，对公司未来的经营发展将起到积极的促进作用。The company issued an equity incentive plan to demonstrate confidence in long-term performance
On June 12, 2024, Enhua Pharmaceutical announced the 2024 Restricted Stock Incentive Plan (draft). The number of restricted shares to be awarded to the incentive plan is 8.7616 million shares, and the total number of incentive recipients is 860, including company directors, senior management, middle management and core key employees. The planned price of restricted shares granted is 11.51 yuan/share. The total amortization of expenses this time was 97.516,600 yuan, or 2844.23, 4225.72, 2031.60, and 6.5011 million yuan respectively in 2024-2027. We are optimistic about the company's development, and lowered the profit forecast. We expect net profit to be 11.81, 14.01, and 1,668 billion yuan (the original forecast was 12.23, 14.76, and 1,688 billion yuan) for 2024-2026, and EPS was 1.17, 1.39, and 1.66 yuan/share, respectively. The PE corresponding to the current stock price is 22.6, 19.1, and 16.0 times, respectively, maintaining the “buy” rating.
Plan a three-year net profit target, optimistic about continued steady development
According to the performance indicators released by the company, based on 2023 net profit (RMB 1,034 million), the net profit growth rates from 2024 to 2026 were 15%, 33%, and 56%, respectively, or RMB 1,189 billion, 1.375 billion yuan, and RMB 1,613 billion (excluding share payment fees). The year-on-year growth rates were 15.00%, 15.65%, and 17.29%, and the 2024-2026 net profit CAGR reached 16.47%. For incentives, performance targets are clear, and at the same time challenging; for companies, setting performance indicators can promote the incentive target to work diligently and improve performance. Setting indicators takes into account the interests of the incentive target, the company, and shareholders, and will play a positive role in promoting the company's future business development.
Narcotic drugs are growing steadily, and it is expected that TRV130 combined with antaitane will continue to release Enhua Pharmaceutical's focus on laying out central nervous system drugs such as narcotics, psychotropic drugs, and neurological drugs. Benefiting from the recovery of surgical volume and the continuous expansion of anesthetic application scenarios, the company's products Liyuexi, Forli, and “Hydroxerichua” continued to be released. The company continues to enrich its refined hemp pipeline products to enhance its scientific research capabilities. The innovative analgesic TRV130 was launched in May 2023, and included in medical insurance in December of that year. Combined with the Antitan bonus from the company's cooperation with TEVA, the subsequent performance is expected to improve quarter by quarter, thereby contributing to new revenue growth.
Risk warning: risk of price reduction in collection; risk of drug development failure; risk of increased competition for core products, etc.