业绩增长符合预期，龙牡壮骨颗粒增速亮眼

Investment Rating - The report maintains a "Buy" rating for the company [14][15]. Core Views - The company's performance growth is in line with expectations, with a notable increase in sales of its flagship product, Longmu Bone Strengthening Granules, contributing to improved profitability [14]. - The company is expected to achieve a net profit of 635 million yuan, 759 million yuan, and 904 million yuan for the years 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 21.7%, 19.6%, and 19.1% [14]. Financial Performance Summary - Revenue and Profit Growth: - 2023 revenue reached 4.213 billion yuan, a year-on-year increase of 15.72% - Net profit for 2023 was 521 million yuan, up 27.78% year-on-year [14]. - Quarterly Performance: - In Q4 2023, revenue was 1.096 billion yuan, showing a 31.86% increase year-on-year, with net profit at 106 million yuan, a 14.05% increase [14]. - Key Product Performance: - Longmu Bone Strengthening Granules sold 623 million bags in 2023, a 15.17% increase year-on-year [14]. - Financial Projections: - Expected revenues for 2024, 2025, and 2026 are 4.9 billion yuan, 5.701 billion yuan, and 6.511 billion yuan respectively, with growth rates of 16.3%, 16.4%, and 14.2% [3][14]. - Earnings Per Share (EPS): - EPS is projected to be 4.14 yuan, 4.95 yuan, and 5.89 yuan for 2024, 2025, and 2026 respectively [3][14]. - Valuation Metrics: - The company’s P/E ratios are projected to be 13.4, 11.2, and 9.4 for the years 2024, 2025, and 2026 [3][14]. Balance Sheet Summary - Total Assets: - As of 2022, total assets were 3.44 billion yuan, with current assets at 2.305 billion yuan and non-current assets at 1.135 billion yuan [6]. - Total Liabilities: - Total liabilities were 1.575 billion yuan, with current liabilities at 1.534 billion yuan [6]. - Equity: - The equity attributable to shareholders was 1.86 billion yuan as of 2022 [6]. Cash Flow Summary - Operating Cash Flow: - Operating cash flow for 2023 was 268 million yuan, with a projected increase to 338 million yuan in 2024 [24]. - Investing Cash Flow: - Investing cash flow for 2023 was -77 million yuan, with projections of -166 million yuan in 2024 [24]. - Financing Cash Flow: - Financing cash flow for 2023 was -86 million yuan, with similar projections for the following years [24]. Research and Development - The company is increasing its investment in R&D, focusing on innovative traditional Chinese medicine and pediatric formulations, which are expected to contribute to long-term growth [14].