Western Securities: Initiated coverage of Huahai Pharmaceutical with a "buy" rating, rapid progress in the research and development pipeline of new biopharmaceuticals.

A research report from West Securities pointed out that the foundation stone business of raw materials medicines is stable, and Huahai Pharmaceutical's new business development is progressing smoothly. The company is one of the leading domestic specialty raw materials pharmaceutical companies, a major supplier of sartan and pril raw materials globally. In recent years, the revenue of central nervous system raw materials pharmaceutical products has grown rapidly, while new products in anti-infection, digestion, respiratory and other fields are gradually increasing, forming a rich product lineup. Currently, the prices of sartan and pril raw materials pharmaceuticals are stabilizing, and at the same time, the company's new business development is progressing smoothly. In 2024, the company has added more than 150 new cooperative customers, launched more than 50 new products, and completed more than 210 new supplier verification projects, injecting new growth momentum into the company's raw materials pharmaceutical business. Based on the steady growth of the company's raw materials pharmaceutical business, the global layout of formulations, and the rapid advancement of the pipeline of new biological drugs, an "outperform" rating is given for the first time.