业绩符合预期，麻醉龙头成长可期

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company reported a revenue of 24.525 billion yuan in 2023, a year-on-year increase of 9.79%. However, the net profit attributable to shareholders was 2.134 billion yuan, a decline of 14.07%. The adjusted net profit was 1.822 billion yuan, reflecting a growth of 17.72% year-on-year [6][8]. - The core subsidiary, Yichang Renfu, is a significant revenue source, contributing approximately 91% to the net profit. The anesthetic products have a strong demand characteristic, establishing a long-term growth potential [1][8]. - The company has a robust pipeline of products and is expected to see stable growth from existing products and rapid expansion of new products [18]. Summary by Sections Company Overview - Renfu Pharmaceutical, established in 1993 and listed in 1997, focuses on becoming a leader in niche markets within the pharmaceutical sector. The company has established competitive advantages in various segments, including anesthetics and steroid drugs, and is actively expanding its overseas generic drug business [4]. Financial Performance - In 2023, the company achieved a total revenue of 24.525 billion yuan, with a growth rate of 9.79%. The net profit attributable to shareholders was 2.134 billion yuan, down 14.07%, while the adjusted net profit was 1.822 billion yuan, up 17.72% [6][8]. - The gross profit margin for 2023 was 45.81%, an increase of 2.28 percentage points year-on-year, while the net profit margin was 11.48% [7]. Subsidiary Performance - Yichang Renfu, the core subsidiary, generated 8.060 billion yuan in revenue, a year-on-year increase of 14.97%, contributing significantly to the overall profit [9]. - Other subsidiaries, such as Epic Pharma and Xinjiang Weiyao, also showed positive growth, with Epic Pharma achieving a revenue of 1.058 billion yuan, up 20.92% [10]. Profit Forecast and Investment Recommendation - The company is expected to achieve revenues of 26.767 billion yuan, 29.001 billion yuan, and 31.341 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 9.14%, 8.35%, and 8.07% [13][18]. - The projected net profit for the same years is 2.475 billion yuan, 2.875 billion yuan, and 3.280 billion yuan, with growth rates of 15.98%, 16.15%, and 14.07% [13][18]. Valuation Analysis - The current stock price corresponds to a price-to-earnings (PE) ratio of 13, 11, and 10 for the years 2024, 2025, and 2026, respectively. The report suggests a valuation range of 443 to 541 billion yuan based on a PE ratio of 18-22 [16][18].