公司年报点评：全年收入稳健增长，经营质量逐步提升

Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 47.60 [2][4]. Core Insights - In 2023, the company achieved a revenue growth of 9.23% and a net profit growth of 9.26%, with total revenue reaching RMB 49.70 billion and net profit attributable to shareholders at RMB 2.15 billion [3][10]. - The direct sales business in Beijing showed steady growth, with revenue increasing by 10.93% to RMB 32.53 billion, maintaining a leading market position [3][10]. - The nationwide distribution business also saw growth, with revenue of RMB 18.53 billion, up 9.15% year-on-year, while the industrial segment faced a decline of 20.60% [11][10]. - The company solidified its leading position in the distribution of narcotics, covering 31 provincial-level regions and over 50,000 medical clients [11][10]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at RMB 3.17, 3.54, and 3.95, respectively, with net profit attributable to shareholders expected to be RMB 2.39 billion, 2.67 billion, and 2.98 billion [4][11]. Financial Summary - The company's total revenue for 2023 was RMB 49.70 billion, with a year-on-year growth of 9.23% [3][5]. - The net profit for 2023 was RMB 2.15 billion, reflecting a 9.26% increase compared to the previous year [3][5]. - The gross profit margin increased by 9.93 percentage points, indicating improved operational efficiency [11][10]. - The company achieved a net profit margin of 4.3% in 2023, with projections for continued growth in the coming years [8][11]. Forecast and Valuation - The report anticipates a revenue increase of 10.2% for 2024, with total revenue expected to reach RMB 54.75 billion [5][8]. - The projected net profit for 2024 is RMB 2.39 billion, with a corresponding EPS of RMB 3.17 [4][8]. - The valuation is based on a 15x price-to-earnings (PE) ratio for 2024, leading to a target price adjustment from RMB 54.70 to RMB 47.60 [4][11].