深耕儿童与慢病用药领域，痛风创新药未来可期

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative performance above the market benchmark [17][19]. Core Insights - The company is focusing on self-owned product sales while reducing the proportion of agency business, which has decreased from 50% in 2017 to below 3% in 2022. This strategic shift aims to enhance innovation and research capabilities, with R&D expense ratio increasing from 6.39% in 2018 to 8.3% in 2022 [17][19]. - The company has successfully won multiple bids in national drug procurement, which is expected to significantly boost market share and performance for selected products. The trend of price reductions in centralized procurement is also showing signs of moderation [4][19]. - The innovative drug AR882 for gout treatment shows promising clinical results, with significant reductions in serum uric acid levels and favorable safety profiles, indicating potential for long-term growth in this therapeutic area [5][19]. - The company has implemented multiple equity incentive plans from 2018 to 2022, reflecting confidence in long-term development and aiming to motivate key personnel [6][19]. Financial Overview - The company reported a revenue of 22.80 billion in 2022, with a year-on-year growth of 3.7%. The projected revenues for 2023, 2024, and 2025 are 26.91 billion, 33.72 billion, and 43.29 billion respectively, with expected growth rates of 18.0%, 25.3%, and 28.4% [18][19]. - Net profit for 2022 was 291 million, with projections of 321 million, 403 million, and 510 million for the following years, reflecting growth rates of 10.3%, 25.6%, and 26.7% [18][19]. - The company maintains a stable gross margin around 85%, with slight fluctuations expected in the coming years [18][19]. Business Segments - The pediatric segment is expected to grow at rates of 25.1%, 21.7%, and 23.6% from 2023 to 2025, maintaining a gross margin of approximately 87.5% [21][19]. - The chronic disease segment is projected to experience a decline in 2023 due to some products being removed from insurance coverage, but is expected to recover in 2024 and 2025 with growth rates of 14.2% and 17.8% [21][19]. - The chemical generic drug segment is anticipated to grow significantly, with projected growth rates of 28.9%, 58.1%, and 56.5% from 2023 to 2025, benefiting from successful bids in centralized procurement [21][19].