收入利润符合预期，降压药商业化矩阵即将形成

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's revenue and profit performance in 2023 met expectations, with a commercial matrix for antihypertensive drugs about to form [1]. - The decline in revenue and net profit for 2023 was primarily due to price reductions from the renewal of Clopidogrel (Tigecycline) and unsuccessful bids in some regions, but the continued growth of Aliskiren under high medication adherence slightly lowered revenue and profit, which was in line with expectations [1]. - The company is expected to form a competitive advantage in the antihypertensive field with the anticipated launch of several products in 2024, including SAL0107, SAL0108, and S086 [1][2]. Financial Summary - In 2023, the company achieved operating revenue of 3.365 billion yuan, a year-on-year decrease of 3.35%, and a net profit attributable to shareholders of 580 million yuan, down 8.95% [1][3]. - The company’s R&D investment in 2023 was 1.047 billion yuan, accounting for 31.13% of revenue, indicating a strong commitment to innovation [1]. - The financial indicators show a decrease in sales expenses by 7.20% year-on-year, while management expenses increased by 20.64% [1][3]. Future Outlook - The company is projected to see net profits of 661 million yuan, 773 million yuan, and 938 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 13.9%, 16.9%, and 21.4% [2][3]. - The report highlights that the company's innovation efforts are expected to become the main driver of performance, outlining a second growth curve for the company [2].