滋补类中药龙头：药品+健康消费品双轮驱动

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 66.98 yuan [7][12]. Core Insights - The company is a leading player in the tonic Chinese medicine sector, primarily focusing on Ejiao and its related products, achieving a market share of 65.3% in the Ejiao industry as of Q1-Q3 2023, an increase of 4.5 percentage points from 2022 [2][3]. - The tonic Chinese medicine market is expected to continue expanding, driven by an aging population and increasing health management awareness among residents, with the retail market size for blood-nourishing and energy-boosting traditional Chinese medicine reaching 146 billion yuan in 2022, growing at a rate of 6% [3][36]. - The company's revenue is driven by both pharmaceutical and health consumer products, with Ejiao accounting for nearly 50% of revenue in Q1-Q3 2023, and the compound Ejiao syrup contributing about 30% [4][29]. Summary by Sections 1. Leading Tonic Chinese Medicine Company - The company, established in 1952, has a strong brand presence and is recognized as the top brand in the tonic health industry, with a significant number of patents and a robust marketing strategy [16][18]. 2. Market Expansion Potential - The aging population in China, with 15.4% of the population aged 65 and above in 2023, is expected to drive demand for preventive health solutions, aligning with national strategies that emphasize the role of traditional Chinese medicine in health management [3][37]. 3. Dual-Driven Revenue Model - The company’s main products include Ejiao, compound Ejiao syrup, and "Peach Blossom Princess" Ejiao cake, with stable growth expected as inventory levels normalize and marketing efforts increase [4][10]. 4. Profit Forecast and Valuation - Revenue projections for 2023-2025 are estimated at 48.05 billion yuan, 56.88 billion yuan, and 66.34 billion yuan, with corresponding net profit forecasts of 11.31 billion yuan, 13.48 billion yuan, and 15.69 billion yuan, reflecting a compound annual growth rate (CAGR) of 26.24% over three years [5][12].