九典制药：产品矩阵日益丰富，打造经皮给药制剂领域龙头企业

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][5]. Core Views - The company is positioned to become a leader in the transdermal drug delivery sector, with a rich product matrix and significant growth potential driven by its flagship product, Loxoprofen Sodium Gel Patch, which achieved sales of 1.547 billion yuan in 2023, reflecting a year-on-year growth of 19% [2][4]. - The company is expanding its product offerings, including the recently approved Ketoprofen Gel Patch, which is expected to contribute to revenue growth as it enters the national medical insurance directory [3][4]. - The company has a strong focus on R&D, maintaining a research and development expense ratio of 8-9% over the past four years, which supports its innovation and transformation efforts [3][4]. Summary by Sections 1. Company Overview - Established for over 20 years, the company has a comprehensive layout in chemical pharmaceuticals, raw materials, and health products, with a focus on self-developed products [20][31]. - The company has a stable shareholding structure, with the founder having a solid medical background, which supports its long-term development [26][31]. 2. Market Potential - The pain management market is promising, with a high prevalence of chronic pain in China, indicating significant growth opportunities for topical transdermal products [3][20]. - The company has a competitive advantage in the transdermal patch market, with its leading product, Loxoprofen Sodium Gel Patch, holding a 100% market share [32][36]. 3. Financial Performance - The company has shown stable revenue growth, with a compound annual growth rate of 27.43% from 2018 to 2023, and is expected to continue this trend with projected net profits of 519 million yuan, 691 million yuan, and 876 million yuan for 2024, 2025, and 2026, respectively [4][8][36]. - The company’s revenue from drug formulations accounted for over 80% of total revenue in 2023, highlighting its focus on this segment [21][36]. 4. Profitability Forecast - The report forecasts a significant increase in net profit for the company, with expected growth rates of 41%, 33%, and 26.7% for the years 2024, 2025, and 2026, respectively [4][8]. - The company is optimizing its sales strategies and cost structures, which is anticipated to enhance profitability further [3][4].