2023年收入符合预期，研发管线持续推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [16][17]. Core Insights - The company reported a significant increase in revenue for 2023, achieving 91 million yuan, a year-on-year growth of 88.31%. However, the net profit attributable to the parent company was -418 million yuan, an increase in loss compared to -220 million yuan in the previous year, primarily due to increased R&D expenditures [16][17][26]. - The commercialization of the core product, Kangti Zuoan, is progressing well, with expectations for domestic and international market potential. The company is actively expanding its distribution network and hospital coverage to enhance product accessibility [7][17]. - The company is deepening its focus on the super antibiotic sector and is optimistic about the competitive strength and sales peak of its core products, despite recent stock price declines attributed to liquidity issues in small-cap stocks [17][26]. Financial Summary - For 2023, the total revenue is projected at 91 million yuan, with a year-on-year growth rate of 88.3%. The net profit is expected to be -418 million yuan, with a projected loss of -414 million yuan for 2024 and -312 million yuan for 2025 [18][25]. - The gross margin is expected to remain high, with estimates of 81.7% for 2023, increasing to 84.0% by 2025 [18][25]. - R&D expenses are anticipated to continue rising, reflecting the company's commitment to enhancing its core competitiveness and advancing its drug pipeline [26].