中药和原料药带动业绩提升

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a current price of 36.50 CNY and a target price of 45.12 CNY [2] Core Views - The company's performance in 2023 was driven by the growth in traditional Chinese medicine and raw materials, despite a slight decline in overall revenue [3][4] - The company has a diverse product portfolio with successful innovations and product introductions, which are expected to enhance future performance [5] - The financial forecast indicates a positive growth trajectory for revenue and net profit from 2024 to 2026, with a projected compound annual growth rate (CAGR) of 11.59% [6] Financial Performance Summary - In 2023, the company achieved a revenue of 124.30 billion CNY, a year-on-year decrease of 1.58%, while the net profit attributable to shareholders was 19.54 billion CNY, an increase of 2.32% [3][4] - The breakdown of revenue by business segment shows that chemical preparations generated 65.71 billion CNY (down 6.13%), raw materials contributed 32.53 billion CNY (up 3.70%), and traditional Chinese medicine reached 17.45 billion CNY (up 39.19%) [4] - The company plans to distribute a cash dividend of 13.5 CNY per 10 shares (including tax) [3] Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 131.63 billion CNY, 139.47 billion CNY, and 148.75 billion CNY, with respective growth rates of 5.90%, 5.95%, and 6.66% [6][7] - The forecasted net profits for the same years are 21.99 billion CNY, 24.64 billion CNY, and 27.15 billion CNY, with growth rates of 12.55%, 12.07%, and 10.16% [6][7] Valuation Metrics - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are 2.37 CNY, 2.66 CNY, and 2.93 CNY, respectively [6][7] - The company is assigned a price-to-earnings (P/E) ratio of 19 times for 2024, leading to the target price of 45.12 CNY [6]