CHC平稳增长，昆药融合有望赋能

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved a revenue of 24.739 billion yuan in 2023, representing a year-on-year growth of 36.83%. The net profit attributable to shareholders was 2.853 billion yuan, up 16.50% year-on-year [2][3] - The report highlights stable growth in the CHC (Consumer Health Care) business despite a high base, with a revenue of 11.707 billion yuan, reflecting a year-on-year increase of 2.83% [2][3] - The prescription drug business saw a decline in revenue, down 12.64% year-on-year, amounting to 5.220 billion yuan [2][3] - The company is focusing on the integration with Kunming Pharmaceutical Group, aiming to enhance its capabilities in the elderly health sector [2] Financial Performance Summary - In 2023, the company reported total revenue of 24.739 billion yuan, with a year-on-year growth rate of 36.8% [3] - The net profit attributable to shareholders was 2.853 billion yuan, marking a 16.5% increase compared to the previous year [3] - The company’s EPS (Earnings Per Share) for 2023 was 2.90 yuan [2] - The projected revenues for 2024, 2025, and 2026 are 27.191 billion yuan, 29.831 billion yuan, and 32.695 billion yuan respectively, with corresponding net profits of 3.294 billion yuan, 3.716 billion yuan, and 4.206 billion yuan [2][3] Business Segment Insights - The CHC business is expected to continue its stable growth trajectory, supported by strong brand OTC (Over-the-Counter) products [2] - The company is enhancing its product offerings in the prescription drug segment, with new products entering clinical guidelines and achieving rapid market penetration [2] - The integration with Kunming Pharmaceutical Group is anticipated to strengthen the company's position in the slow disease management and elderly health sectors [2]