2023年度报告点评：收入利润维持平稳，原料药及中药板块业绩突出

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported stable revenue and profit for 2023, with notable performance in the raw materials and traditional Chinese medicine segments [3] - The prescription drug policy impact and short-term pressure on Aiprazole were noted, while the raw materials and traditional Chinese medicine segments capitalized on favorable trends [3] - The company is expected to consolidate its leadership in the hormone and digestive fields in 2024, with profit pressure alleviated following the clearance of COVID-19 vaccine impairments [4] - The company is projected to achieve significant sales peaks from new high-end formulations and biopharmaceutical pipelines between 2025 and 2027 [4] - The long-term outlook remains positive due to the innovative nature of new products, high barriers from complex formulations and exclusive patents, and strong dividend yields [4] Financial Performance Summary - In 2023, total revenue was 12,430 million yuan, a decrease of 1.58% year-on-year, while net profit attributable to shareholders was 1,954 million yuan, an increase of 2.32% [3] - The revenue breakdown shows a 6% decline in the chemical preparation segment, a 79% decline in the biological products segment, a 4% increase in the raw materials and intermediates segment, and a 39% increase in the traditional Chinese medicine segment [3] - The company expects revenue for 2024 to be 13,143 million yuan, with net profit projected at 2,192 million yuan, reflecting a growth rate of 12.20% [2][4] Earnings Forecast and Valuation - The earnings per share (EPS) for 2023 was 2.11 yuan, with projections of 2.37 yuan for 2024 and 3.05 yuan for 2026 [2] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 15.87, 13.94, and 12.31 respectively [2] - The company’s revenue and net profit forecasts for 2024 and 2025 have been adjusted downwards due to procurement and medical insurance policy factors [4]