核心品种热毒宁持续放量可期，二线品种有望加速成长

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 22.20 CNY for the next six months [13][31]. Core Views - The core product, Retoxin, is expected to continue its rapid growth, with significant sales volume increases anticipated in 2024 due to expanded patient access under the national medical insurance directory [2][11]. - The company is undergoing marketing reforms aimed at accelerating the growth of its secondary products, which are expected to gain market share as the reforms take effect [12][15]. Financial Performance - In 2023, the company achieved operating revenue of 4.868 billion CNY, a year-on-year increase of 11.88%, and a net profit attributable to shareholders of 537 million CNY, up 23.54% [1]. - The injection segment generated revenue of 2.174 billion CNY, marking a 49.80% increase, primarily driven by the strong performance of Retoxin injections [2]. - Non-injection products saw a revenue decline of 7.10%, with the oral liquid segment experiencing a significant drop of 22.99% due to high channel inventory and ongoing marketing reforms [3]. R&D and Innovation - The company emphasizes R&D investment, with 777 million CNY allocated in 2023, representing 15.96% of operating revenue, and has achieved notable results in traditional Chinese medicine innovation [30]. - The company has a robust pipeline with multiple products at various stages of clinical trials, indicating strong long-term growth potential [30]. Shareholder Returns - The company is committed to shareholder returns, planning to repurchase shares worth 150 to 300 million CNY and distributing a cash dividend of 0.37 CNY per share, which represents a 40.25% payout ratio [7][16].