Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 61.43 billion HKD for 2023, a year-on-year increase of 2.70%, with product sales revenue reaching 56.27 billion HKD, reflecting a growth of 11.23% [1] - The net profit attributable to shareholders was 5.33 billion HKD, showing a decline of 11.94% year-on-year [1] - The company has seen continuous improvement in management efficiency and significant optimization of its financial structure [1] - Revenue growth was observed across three major fields, with double-digit growth in product sales recovery [1] - The company launched five new products in 2023, with significant potential for growth in the oncology sector [1][2] Financial Summary - The projected revenues for 2024, 2025, and 2026 are 68.11 billion HKD, 83.95 billion HKD, and 99.25 billion HKD, representing year-on-year growth rates of 11%, 23%, and 18% respectively [2][3] - The net profit attributable to shareholders is expected to be 7.75 billion HKD, 12.40 billion HKD, and 15.98 billion HKD for the years 2024, 2025, and 2026, with corresponding growth rates of 46%, 60%, and 29% [2][3] - The gross margin is projected to improve from 68.44% in 2023 to 73.79% in 2025, before slightly decreasing to 72.94% in 2026 [3][5] - The company’s asset-liability ratio is expected to decrease from 46.93% in 2023 to 36.10% in 2026, indicating a continued effort to reduce debt [5] Product and Market Development - The oncology treatment revenue reached 21.22 billion HKD, while the cardiovascular and central nervous system treatment revenues were 16.87 billion HKD and 16.95 billion HKD, reflecting increases of 10.8% and 28.1% respectively [1] - The company has successfully entered international markets with its cardiovascular products and has maintained a strong market position for its CNS products [1] - Several new products are expected to be approved soon, which will lay a solid foundation for future growth [1][2]
销售收入快速增长，商业全球化稳步推进