业绩增长符合预期，逐步渡过改革阵痛期

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next 6 months [5]. Core Views - The company's performance in 2023 shows steady growth, with a revenue increase of 11.88% year-on-year, reaching 4.868 billion yuan, and a net profit increase of 23.54%, totaling 536.73 million yuan [1][7]. - The company is gradually overcoming the challenges posed by reforms, focusing on core marketing issues, and enhancing its clinical team's capabilities, which is expected to drive stable growth in performance [19]. Financial Performance Summary - In 2023, the overall gross margin was 74.27%, an increase of 2.17 percentage points year-on-year, with specific product margins as follows: injection liquids at 73.63%, capsules at 67.68%, and oral liquids at 81.28% [2]. - The net profit margin for the company was 11.24%, up by 1.08 percentage points year-on-year, while the sales expense ratio decreased by 3.14 percentage points to 39.79% [2]. - The company has increased its R&D investment, with a research expense ratio of 15.85%, up by 1.93 percentage points year-on-year [2]. Revenue and Profit Forecast - Revenue forecasts for 2024 and 2025 have been adjusted downwards to 5.773 billion yuan and 6.632 billion yuan, respectively, with a projected revenue of 7.588 billion yuan in 2026 [7]. - The forecast for net profit attributable to the parent company has also been revised down to 650 million yuan for 2024 and 765 million yuan for 2025, with a projected net profit of 902 million yuan in 2026 [7]. Product Performance - In 2023, injection liquids generated revenue of 2.174 billion yuan, a significant increase of 49.80% year-on-year, driven by strong sales of the core product, Heat Toxicity Ning Injection [6]. - Non-injection products collectively saw a revenue decline of 7.20%, with oral liquids experiencing a notable drop of 22.99% [6].