提质提效高增长，品牌建设成效显著

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.39 billion yuan for 2023, representing a year-on-year increase of 13.00% [2] - The net profit attributable to the parent company was 708 million yuan, up 18.40% year-on-year, while the net profit excluding non-recurring items was 704 million yuan, an increase of 38.97% [2] - The company has successfully controlled expenses and improved cost management, with a gross margin of 65.28%, up 0.35 percentage points year-on-year [2] - The company plans to distribute a total cash dividend of 441 million yuan for the year 2023, which accounts for 62.20% of the net profit attributable to the parent company [2] Financial Performance - In Q4 2023, the company achieved a revenue of 1.25 billion yuan, a year-on-year increase of 23.67%, and a net profit of 119 million yuan, up 30.39% year-on-year [2] - The company’s core product categories have shown continuous growth, with the non-prescription drug segment generating 3.05 billion yuan in revenue, a year-on-year increase of 16.46% [2] - The company’s operating cash flow was 1.036 billion yuan, remaining stable compared to the previous year [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are 5.07 billion yuan, 5.91 billion yuan, and 6.88 billion yuan, respectively, with year-on-year growth rates of 15.5%, 16.6%, and 16.5% [5] - The net profit attributable to the parent company is expected to be 832 million yuan, 973 million yuan, and 1.13 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 17.5%, 16.9%, and 16.3% [5] Cost Management - The company has made significant progress in cost management, with a decrease in the expense ratio to 43.56%, down 2.41 percentage points year-on-year [2] - The sales expense ratio was 37.09%, down 1.77 percentage points, while the management expense ratio was 4.80%, down 0.5 percentage points [2] R&D and Innovation - The company has increased its R&D expenditure, with a research and development expense ratio of 3.04%, up 0.47 percentage points year-on-year [4] - The company is focusing on innovation in the gastrointestinal field and has obtained registration certificates for two special medical purpose formula foods [4]