业绩略超预期，双轮驱动打造顶流

Investment Rating - The report assigns a rating of "Outperform" for the company [1][9]. Core Views - The company has shown a strong recovery with a revenue of RMB 4.72 billion in 2023, representing a year-on-year growth of 16.7%, and a net profit of RMB 1.15 billion, up 47.6% year-on-year [2][3]. - The company is focusing on enhancing its flagship products and expanding its market presence, particularly in the OTC segment, where it maintains a leading position [3]. - Future revenue projections for 2024-2026 are estimated at RMB 5.30 billion, RMB 5.97 billion, and RMB 6.74 billion, respectively, with net profits expected to reach RMB 1.29 billion, RMB 1.46 billion, and RMB 1.62 billion [3]. Financial Summary - The company achieved a revenue of RMB 4.72 billion in 2023, with a net profit of RMB 1.15 billion, reflecting a net profit growth rate of 47.5% for 2024 [2][6]. - The projected earnings per share (EPS) for 2024 is RMB 2.00, with a growth rate of 11.9% [2][3]. - The company maintains a strong gross margin of 70.2% in 2023, with expectations to improve to 74.0% by 2024 [6][8]. Market Position and Strategy - The company is committed to strengthening its product portfolio, particularly focusing on the "Royal Weichang 1619" series aimed at male health supplements [3]. - The company is leveraging digital marketing and trendy branding to attract younger consumers, particularly for its powdered products [3]. - The company continues to lead in the traditional Chinese medicine market, particularly in the blood tonic category, with significant growth in its product lines [3].