新活素销量快速增长

Investment Rating - The report maintains a "Buy" rating for the company [1][22]. Core Views - The sales of the product "Xihua Su" are experiencing rapid growth, and the company has secured its inclusion in the 2023 medical insurance catalog with a moderate price adjustment [2][22]. - The company is expected to see a significant increase in net profit over the next few years, driven by the strong competitive position of "Xihua Su" [22]. Financial Performance Summary - In 2023, the company achieved a revenue of 3,134.33 million yuan, representing a year-on-year growth of 22.69%. The net profit attributable to the parent company was 800.91 million yuan, up 116.58% year-on-year [7][21]. - The projected revenues for 2024, 2025, and 2026 are 3,762.48 million yuan, 4,631.73 million yuan, and 5,576.54 million yuan, respectively, with growth rates of 20.04%, 23.10%, and 20.40% [7][11]. - The net profit attributable to the parent company is expected to reach 1,092.76 million yuan in 2024, 1,404.32 million yuan in 2025, and 1,711.61 million yuan in 2026, with growth rates of 36.44%, 28.51%, and 21.88% respectively [7][11]. Product Sales Forecast - The sales forecast for "Xihua Su" is projected to be 2,816.5 million yuan in 2023, with a year-on-year growth of 25.1%. The expected sales for 2024, 2025, and 2026 are 3,379.8 million yuan, 4,157.1 million yuan, and 4,988.6 million yuan, with growth rates of 20%, 23%, and 20% respectively [11][12]. Profitability Metrics - The gross profit margin for 2023 is reported at 95.1%, with expectations to maintain this level in the coming years [7][11]. - The return on equity (ROE) is projected to be 26.01% in 2024, 26.04% in 2025, and 25.07% in 2026 [7][11].