Investment Rating - The report maintains a "Buy" rating for the company [1][4][17]. Core Views - The company achieved a revenue of 7.816 billion yuan in 2023, representing a growth of 13.8%. Gross profit reached 6.642 billion yuan, with a gross margin of 85.0%, an increase of 2.4 percentage points. However, the net profit attributable to shareholders decreased by 19.1% to 1.549 billion yuan, while the adjusted operating net profit increased by 17.7% to 1.952 billion yuan [1][5][12]. - The sales performance of key products, such as Tebiou and Mandi, was strong, with Tebiou sales reaching 4.205 billion yuan (+23.8%) and Mandi sales at 1.124 billion yuan (+25.8%). Mandi captured a market share of 72.6% in domestic medical institutions [1][12][16]. - The company is focusing on both self-research and business development in key therapeutic areas, with numerous pipelines in nephrology, hematology and oncology, autoimmune diseases, and hair and skin health [1][12][16]. Financial Performance Summary - Revenue for 2023 was 78.16 billion yuan, up 13.8% from the previous year. The gross profit was 66.42 billion yuan, reflecting a 17.1% increase, with a gross margin of 85.0% [1][5][12]. - The company’s R&D expenses were 7.95 billion yuan (+14.6%), with an R&D expense ratio of 10.2%. Sales expenses were 30.06 billion yuan (+16.5%), and management expenses were 4.81 billion yuan (+22.2%) [1][5][12]. - The forecast for net profit attributable to shareholders for 2024-2026 is 1.93 billion yuan, 2.15 billion yuan, and 2.42 billion yuan, respectively, with growth rates of 24.7%, 11.4%, and 12.6% [1][17][18]. Product Performance Summary - Tebiou's sales are expected to continue growing due to the increasing number of hospitals covered and the expansion of indications. The product holds a market share of approximately 65.0% in the treatment of thrombocytopenia [1][12][16]. - Mandi's sales in the hair loss sector reached 11.42 billion yuan, with a strong growth trend and a market share of 72.6% in domestic medical institutions [1][12][16]. - The company has a robust pipeline in various therapeutic areas, with several products in late-stage clinical trials, indicating a promising future for its product portfolio [1][12][16].
经营业绩较快增长，特比澳、蔓迪销售表现强劲