业绩增长亮眼，非阿胶产品线值得期待

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6] Core Views - The company reported a strong performance in 2023 with a revenue of 4.715 billion yuan, representing a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 1.151 billion yuan, up 47.55% year-on-year [1] - The company is focusing on enhancing its non-Ajiao product lines, which are expected to contribute to future growth [2][4] - The management team has undergone significant changes, with new leadership in key positions, and the implementation of an equity incentive plan aimed at boosting team motivation and performance [3][4] Financial Performance - In 2023, the overall gross margin was 70.24%, an increase of 1.94 percentage points year-on-year, while the net profit margin improved to 24.43%, up 5.15 percentage points [2] - The company achieved a revenue of 4.364 billion yuan from Ajiao and related products, a year-on-year increase of 17.98%, while other pharmaceutical and health products generated 187 million yuan, a slight decline of 0.25% [4] - The company has adjusted its revenue forecasts for 2024 and 2025 to 5.867 billion yuan and 6.790 billion yuan respectively, with net profit forecasts of 1.370 billion yuan and 1.647 billion yuan [4][5] Product Development - The company is implementing a dual-driven growth model focusing on pharmaceuticals and health consumer products, with core products like Fufang Ajiao Jiang and Taohua Ji Ajiao Cake expected to continue their growth trajectory [4] - The company is actively developing new products, including the "Royal Weichang 1619" brand for men's health supplements, to diversify its non-Ajiao product offerings [4]