业绩表现亮眼，核心产品持续赋能

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark by more than 15% within the next six months [7]. Core Insights - The company reported a strong performance in 2023, achieving a revenue of 47.15 billion yuan, a year-on-year increase of 16.6%, and a net profit attributable to shareholders of 11.51 billion yuan, up 47.55% year-on-year [1][2]. - The core product line, particularly the Ejiao series, continues to drive revenue growth, with sales reaching 43.63 billion yuan, representing a 17.98% increase and accounting for 92.55% of total revenue [1][2]. - The company maintains a high gross margin of 70.24%, with the pharmaceutical segment achieving a gross margin of 72.31% [1][2]. Financial Performance Summary - Total revenue for 2023 was 47.15 billion yuan, with a year-on-year growth rate of 16.6% [2]. - The net profit attributable to shareholders for 2023 was 11.51 billion yuan, reflecting a 47.55% increase compared to the previous year [1][2]. - The company’s earnings per share (EPS) for 2023 was 1.79 yuan, with a proposed dividend distribution of 17.8 yuan per 10 shares [1][2]. - The gross margin for 2023 was 70.24%, with the pharmaceutical segment achieving a gross margin of 72.31% [1][2]. Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 54.24 billion yuan, 61.75 billion yuan, and 61.75 billion yuan respectively, with corresponding net profits of 13.96 billion yuan, 16.07 billion yuan, and 16.07 billion yuan [1][2]. - The expected price-to-earnings (P/E) ratios for the next three years are 27, 24, and 23 respectively [1][2].