JINGXIN(SZ:002020) EBSCN·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months with expected returns exceeding 15% compared to the market benchmark [19][21]. Core Insights - The company has entered a new development phase with the approval of its first innovative drug, Didasin, marking its transition into a combination of innovative and generic drug development [5][12]. - In 2023, the company achieved a finished drug revenue of 2.326 billion yuan, reflecting a year-on-year increase of 4.98% [12]. - The company has adjusted its sales model from a product line-based structure to a hospital-retail model, enhancing its sales capabilities [4][12]. Financial Performance - The company reported a total revenue of 3.999 billion yuan in 2023, a year-on-year increase of 5.79%, while the net profit was 619 million yuan, down 6.55% year-on-year [24]. - The earnings per share (EPS) for 2023 was 0.72 yuan, with a projected EPS of 0.76 yuan for 2024 and 0.87 yuan for 2025 [6][24]. - The company’s net profit forecast for 2024 and 2025 has been revised down to 654 million yuan and 751 million yuan, respectively, reflecting a decrease of 24% and 26% from previous estimates [5]. Research and Development - The company invested 401 million yuan in R&D in 2023, representing a year-on-year increase of 9.23% [4]. - Other innovative drug projects are progressing well, with JX11502MA capsules and rehabilitation new enteric-coated capsules completing the IIa phase in 2023 [27]. Market Position - As a leading enterprise in the field of mental and neurological disorders, the company is well-positioned with a strong product pipeline and brand influence [5]. - The company is expected to continue its innovative transformation as it enters the innovative drug era with Didasin's market launch [12].