业绩增长符合预期，主业+投资收益齐增长

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [7][25]. Core Insights - The company has shown a steady increase in revenue and profitability, with 2023 revenue reaching 4.21 billion yuan, a year-on-year growth of 15.72%, and a net profit attributable to the parent company of 521.46 million yuan, up 27.78% year-on-year [27]. - The OTC product line generated revenue of 1.106 billion yuan, reflecting a year-on-year increase of 14.85%, while the Rx product line achieved revenue of 1.058 billion yuan, up 15.43% [1][27]. - The company’s core product, Longmu Zhuanggu Granules, sold 62.33 million bags, marking a 15.17% increase, and Bian Tong Capsules saw sales of 29.36 million capsules, a significant rise of 44.59% [1]. Financial Summary - The company’s financial projections indicate a revenue increase from 4.21 billion yuan in 2023 to 6.93 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 16.71% [3][25]. - The net profit attributable to the parent company is expected to grow from 521.46 million yuan in 2023 to 901.87 million yuan in 2026, with a CAGR of 20.16% [3][25]. - The EBITDA is projected to rise from 679.61 million yuan in 2023 to 1.05 billion yuan in 2026, indicating strong operational performance [3][25]. Business Segments Performance - The commercial segment achieved revenue of 2.01 billion yuan in 2023, a year-on-year increase of 16.64%, while the pharmaceutical industrial segment generated 2.16 billion yuan, up 15.13% [23]. - Pediatric products contributed 1.14 billion yuan in revenue, reflecting a 13.67% increase, and gynecological products generated 573 million yuan, up 3.81% [23]. - The overall gross margin for the company improved to 46.05%, an increase of 2.78 percentage points year-on-year, with a net margin of 12.42%, up 1.28 percentage points [23].