Newsletter summary

Yangguang Nuo and achieve an income of 9% in 2023Cmspinsonlinefree.30 million, return to the mother of the net profit 1Cmspinsonlinefree80 million, a significant increase over the same period last year. Company constructionCmspinsonlinefreeWith the one-stop drug R & D service platform, customer orders have increased steadily and the per capita output value has increased. Revenue and net profit are expected to continue to grow from 2024 to 2026, maintaining a "buy" rating. Risks include generic drug policy risks and increased competition in the industry.

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[Yang Guang Nuohe reported brilliant results in the first quarter of 2023 and 2024, with both revenue and profit increased] Yang Nuohe recently released the results of the first quarter of 2023 and 2024, the company achieved an annual operating income of 930 million yuan, an increase of 37.8% over the same period last year.CmspinsonlinefreeThe net profit attributed to the parent company was 180 million yuan, an increase of 18.1% over the same period last year; after deducting non-recurring profits and losses, the net profit returned to the parent was 180 million yuan, an increase of 26.7% over the same period last year. In the first quarter of 2024, the company's operating income was 250 million yuan, an increase of 8.5% over the same period last year; the net profit returned to the mother was 72.754 million yuan, up 51.8% from the same period last year; and the non-return net profit was 66.62 million yuan, an increase of 41.7% over the same period last year. The rapid growth of the company's performance is mainly due to the construction of its one-stop drug R & D service platform and the steady growth of market orders. In 2023, the company's cumulative on-hand orders reached 2.57 billion yuan, an increase of 28.7% over the same period last year. At the same time, the company continues to deepen domestic and foreign business development and team building, continue to improve R & D service capabilities, has won a high degree of recognition from customers. [independent R & D projects have achieved fruitful results, and performance growth is expected] in terms of independent project R & D, Sunshine Nuohe has provided drug R & D services for about 800 pharmaceutical enterprises, most of which are domestic large and medium-sized pharmaceutical manufacturing enterprises. In 2023, the per capita output value of the company reached 747000 yuan, an increase of 146000 yuan over the same period last year. In 2023, the company has set up more than 100 self-research projects, with a total of more than 350 projects. Among them, 3 new drug projects have been approved by NMPA to enter clinical trials, 126 drugs have been applied for listing and registration, and 10 consistency evaluation registrations have been accepted. In addition, the company has a total of 19 generic drugs the first to obtain drug registration approval or the first to pass the consistency evaluation. [investment suggestion] considering that the company's "preclinical + clinical" comprehensive R & D service model has obvious competitive advantages, and the integrated one-stop service provided by the company to customers is gradually becoming an effective way for CRO to enhance its competitiveness, the company's revenue growth rate from 2024 to 2026 is expected to be 32.63%, 31.66%, 30.61%, 39.10%, 36.71%, 34.92%, respectively. The EPS is 2.29, 3.14 and 4.23 yuan per share, respectively, and the corresponding PE is 24.34, 17.80 and 13.20X, respectively. Therefore, we give Sunshine Nuo and "Buy" ratings. [risk Tip] while being optimistic about the company's development prospects, we also remind investors to pay attention to the following risks: generic drug policy risk, industry competition risk, order signing is not as expected, and so on.