2023年年报点评报告：大单品高增长，成本费用管控优化

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in its major products, with effective cost and expense management contributing to improved profitability [4][5] - The 2023 annual report indicates a revenue of 15.623 billion yuan, a year-on-year increase of 10.58%, and a net profit attributable to shareholders of 0.822 billion yuan, a year-on-year increase of 131.99% [3][4] Summary by Sections Financial Performance - In 2023, the company reported an industrial revenue of 10.388 billion yuan, up 19.40% year-on-year, with modern Chinese medicine revenue at 6.604 billion yuan, up 31.64% [5] - The major products, including Huoxiang Zhengqi Oral Liquid and Jizhi Syrup, saw substantial sales growth, with revenues of 2.271 billion yuan (up 45%) and 0.881 billion yuan (up 67%) respectively [5] Cost and Expense Management - The company effectively managed costs and expenses, with sales and management expense growth rates lower than the industrial revenue growth rate [5] - The company has paused some consistency evaluation R&D projects, leading to a provision for development expenditure impairment of 0.057 billion yuan in 2023 [5] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 1.218 billion yuan, 1.516 billion yuan, and 1.816 billion yuan respectively, with corresponding P/E ratios of 15.21, 12.21, and 10.20 [4][6]