凯力唯快速放量，乙肝研发管线稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [18][23]. Core Insights - The company's core product, Kailiwei, is experiencing rapid sales growth, driven by the expansion of reimbursement coverage to pan-genotype hepatitis C, which opens up market opportunities. In H1 2023, sales revenue increased by over 200% year-on-year [2]. - The competitive landscape for hepatitis C therapies is favorable, with only a few products available in the market. The company has a first-mover advantage with its product launched in 2020 compared to competitors [2]. - The company is also advancing in the field of functional cure for hepatitis B, with key clinical data for long-acting interferon expected soon. The market currently has limited competition, which positions the company favorably [11][18]. Financial Summary - For the fiscal year 2023, the company achieved a total revenue of 1.412 billion, representing a year-on-year growth of 21.74%. The net profit attributable to shareholders was 116 million, reflecting a growth of 39.22% [23][24]. - The earnings per share (EPS) for 2023 is projected to be 0.68, with further increases expected in subsequent years [24]. - The company’s financial forecasts for 2023-2025 indicate a net profit growth of 39.2%, 47.7%, and 35.9% respectively, with corresponding PE ratios of 40, 27, and 20 [18][24].