业绩表现亮眼、推进研发布局

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1]. Core Views - The company achieved a revenue of 145.66 billion yuan in 2023, representing a year-on-year growth of 15.35%. The net profit attributable to the parent company was 45.32 billion yuan, up 9.47% year-on-year, and the diluted EPS was 11.21 yuan per share, an increase of 8.94% [1]. - The fourth quarter of 2023 saw a revenue of 38.84 billion yuan, a year-on-year increase of 30.30%, and a net profit of 9.20 billion yuan, up 36.20% year-on-year, indicating strong performance [1]. - The company is actively expanding its pediatric business and non-growth hormone products, with the pediatric subsidiary achieving a revenue of 110.84 billion yuan, a year-on-year increase of 8.48% [1]. - The company has a robust R&D pipeline, with significant investments in new drug development across various therapeutic areas, including vaccines and small molecules [1][2]. Financial Performance Summary - The total revenue for 2023 was 145.66 billion yuan, with a growth rate of 15.4% compared to 2022 [2]. - The net profit attributable to the parent company for 2023 was 45.32 billion yuan, reflecting a growth rate of 9.5% [2]. - The gross margin for 2023 was 86.0%, slightly down from the previous year [1][2]. - The company expects revenues of 171.59 billion yuan, 196.38 billion yuan, and 220.50 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 52.35 billion yuan, 57.59 billion yuan, and 62.33 billion yuan [2]. R&D and Product Development - The company has increased its R&D investment, focusing on innovative capabilities and expanding its product pipeline in the biopharmaceutical sector [1]. - The company’s subsidiary, Baike Bio, achieved a revenue of 18.25 billion yuan in 2023, a year-on-year increase of 70.30%, driven by the launch of a domestically developed shingles vaccine [1]. - The company is also advancing its clinical trials for various vaccines and therapeutics, indicating a strong commitment to innovation [1].