战略融合昆药，实现营收端和利润端双增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the strategic integration with Kunming Pharmaceutical, leading to growth in both revenue and profit [1] - In 2023, the company achieved a revenue of 24.739 billion yuan, representing a year-on-year increase of 36.83% [1] - The net profit attributable to the parent company was 2.853 billion yuan, up 16.50% year-on-year, with a non-recurring net profit of 2.711 billion yuan [1] - The company maintains a clear business model and development logic, focusing on "Brand + Innovation" [1] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 24.739 billion yuan, a year-on-year increase of 36.83% [1] - The net profit attributable to the parent company was 2.853 billion yuan, reflecting a year-on-year growth of 16.50% [1] - The overall gross margin was 53.24%, slightly down by 0.78 percentage points year-on-year [1] - The operating cash flow for 2023 was 4.192 billion yuan, with a net profit of 2.853 billion yuan [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 27.920 billion yuan, 31.366 billion yuan, and 34.997 billion yuan, respectively, with year-on-year growth rates of 12.9%, 12.3%, and 11.6% [4] - The net profit attributable to the parent company is expected to be 3.302 billion yuan in 2024, 3.800 billion yuan in 2025, and 4.374 billion yuan in 2026, with growth rates of 15.8%, 15.1%, and 15.1% [4] Research and Development - In 2023, the company invested 889 million yuan in R&D, with 112 projects under development [3] - The company received 71 invention patents and 64 utility model patents, enhancing its product portfolio in various therapeutic areas [3] - The company has obtained several drug registration certificates, further enriching its offerings in digestive, cardiovascular, respiratory, and anti-infection products [3] Market Position - The company aims to be a leader in the elderly health and chronic disease management sectors, with Kunming Pharmaceutical focusing on these areas [2] - Kunming Pharmaceutical achieved a revenue of 7.703 billion yuan in 2023, despite a year-on-year decline of 6.99% due to structural optimization [2]