羚锐制药：中药贴膏龙头企业，营销改革凸显经营弹性

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company is a leading player in the traditional Chinese medicine patch market, benefiting from the aging population and the revitalization of traditional Chinese medicine [1][8]. - The company has undergone significant marketing reforms, transitioning from rapid expansion to cost control, which has highlighted its operational flexibility [2][40]. - The company is focusing on accelerating new product development to enrich its product pipeline, with increased R&D investment in various therapeutic areas [2][8]. Financial Performance and Valuation - The company reported a revenue of 3,002 million yuan in 2022, with a projected growth to 4,919 million yuan by 2026, reflecting a CAGR of 14% [3]. - Net profit is expected to grow from 465 million yuan in 2022 to 934 million yuan in 2026, with a CAGR of 17% [3]. - The earnings per share (EPS) is projected to increase from 0.82 yuan in 2022 to 1.65 yuan in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 29.2 to 14.6 [3]. Market Dynamics - The aging population in China is expected to accelerate, with over 20 million people entering the elderly demographic annually in the coming years, driving demand for chronic disease management [8]. - The prevalence of chronic diseases among the elderly is significant, with a reported rate of 62.3% for those aged 65 and above [8]. - Government policies are increasingly supportive of the traditional Chinese medicine sector, recognizing its importance in healthcare [8][135]. Product Portfolio and Market Position - The company has a diverse product range, including patches, capsules, and tablets, with its flagship product, the Tongluo Pain Relief Patch, ranking third in sales among traditional Chinese medicine patches in public hospitals [2][71]. - The "Two Tigers" series of products has achieved the highest market share in their respective categories, showcasing strong competitive advantages [2]. - The orthopedic product line is a key growth driver, with a CAGR of 13.5% from 2019 to 2023, contributing significantly to the company's revenue [103].