Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 10.00, indicating a potential upside of 56.0% from the current price of HKD 6.41 [1][2][7]. Core Insights - The company reported a revenue increase of 1.7% year-on-year to RMB 31.45 billion for 2023, which met expectations. The basic profit rose by 2.8% to RMB 6.28 billion. The fourth quarter of 2023 saw revenue and basic profit growth of 1.9% and 5.3%, respectively [1][2]. - The company expects to maintain double-digit growth in revenue and net profit for 2024, driven by new product sales and market access progress. The sales from new and next-generation products are projected to exceed RMB 3 billion [2][3]. - The company is positioned at a critical turning point with the clearing of procurement impacts, validated R&D platforms, and multiple innovative technologies nearing commercialization [2][3]. Financial Summary - For 2023, the company achieved a revenue of RMB 31,450 million, with a gross profit margin of 70.5%, down 1.4 percentage points from the previous year. The operating profit margin increased by 0.5 percentage points due to effective control of selling expenses [1][3]. - The forecast for 2024 estimates revenue of RMB 34,901 million, with a projected net profit of RMB 6,858 million, reflecting a decrease in profit estimates of 3% for 2024 and 4% for 2025 [2][5]. - The company’s earnings per share (EPS) for 2024 is projected at RMB 0.58, with a price-to-earnings (P/E) ratio of 10.2 times [3][5]. Product Pipeline and Market Access - The company anticipates the approval of over 50 new products or indications within the next five years, with key products expected to be approved in the U.S. in 2024 [2][3]. - Recent market access achievements include rapid hospital entry for new products such as Mingfule and Gumeitini, with approximately 1,600 hospitals reached by February 2024, and expectations to increase to 2,700 by the end of March [2][3].
2023年符合预期，维持2024年双位数增速指引，新品销售渐入佳境