收入符合预期，在研管线持续推进

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [18][33]. Core Insights - The company's revenue for 2023 reached 90.78 million yuan, representing a growth rate of 88.31% year-on-year. However, the net profit attributable to the parent company was -421.12 million yuan, reflecting a significant decline of 91.16% [9][33]. - The primary product, 康替唑胺, is expected to see substantial sales growth, with projected revenue of 149.78 million yuan in 2024, 262.12 million yuan in 2025, and 471.81 million yuan in 2026, corresponding to growth rates of 64%, 74%, and 80% respectively [36][33]. - The gross margin for 2023 was reported at 81.6%, showing stability despite a slight decrease of 0.1 percentage points year-on-year [18]. Financial Summary - The total share capital is 655 million shares, with a market capitalization of 3.6 billion yuan [2]. - The company's total assets amount to 1.169 billion yuan, with a net asset value per share of 1.27 yuan [2][33]. - The earnings per share (EPS) for the forecasted years are projected to be -0.64 yuan in 2024, -0.90 yuan in 2025, and -0.76 yuan in 2026 [33][36]. Revenue Forecast - The revenue forecast for 康替唑胺 is as follows: 2023A: 91 million yuan, 2024E: 150 million yuan, 2025E: 262 million yuan, and 2026E: 472 million yuan, with corresponding year-on-year growth rates [36][33]. Clinical Development - The company is actively advancing its clinical pipeline, with several ongoing clinical trials for 康替唑胺 and related products, including trials for pediatric applications and treatment for diabetic foot infections [34][33].