业绩符合预期，24年稳健增长可期

Investment Rating - The report maintains a "Recommended" investment rating for Huadong Medicine (000963) [1] Core Views - The company's net profit for 2023 is reported at 2.812 billion yuan, representing a year-on-year growth of 12.50%-14.50% [1] - The fourth quarter net profit is expected to be between 623 million and 673 million yuan, showing a growth of 20%-30% year-on-year, indicating accelerated growth despite a high base [1] - The company is advancing its innovation transformation strategy, with significant progress in R&D and stable operational performance across all business segments [1] - The industrial segment achieved a revenue of 8.994 billion yuan in the first three quarters of 2023, with a year-on-year growth of 9.48% [1] - The medical aesthetics segment reported a revenue of 1.874 billion yuan in the first three quarters of 2023, reflecting a year-on-year growth of 36.99% [1] - The company is expected to maintain robust growth in the medical aesthetics segment in 2024, with contributions from new product launches [1] Financial Summary - Revenue is projected to grow from 37.71 billion yuan in 2022 to 50.52 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 10.12% [2] - The net profit is expected to increase from 2.499 billion yuan in 2022 to 4.090 billion yuan in 2025, with a CAGR of approximately 19.79% [2] - The diluted EPS is forecasted to rise from 1.42 yuan in 2022 to 2.33 yuan in 2025 [2] - The company’s PE ratio is projected to decrease from 20.32 in 2022 to 12.42 in 2025, indicating improving valuation [2] Financial Ratios - The gross margin is expected to improve from 31.90% in 2022 to 32.50% in 2025 [3] - The net profit margin is projected to increase from 6.63% in 2022 to 8.10% in 2025 [3] - The return on equity (ROE) is expected to rise from 13.45% in 2023 to 14.37% in 2025 [3]