业绩增长亮眼，盈利能力稳中有升

Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [1] Core Views - The company achieved significant revenue and net profit growth in 2023, with revenue reaching 9.654 billion yuan (+7.32% YoY) and net profit attributable to shareholders reaching 2.823 billion yuan (+30.04% YoY) [1] - The company's core products, Pudilan Xiaoyan Oral Liquid and Xiaoer Chiqiao Qingre Granules, showed strong demand, with the anti-inflammatory and pediatric segments growing by 17.68% and 13.01% respectively [1] - The company's profitability improved, with net profit margin increasing by 5.14 percentage points to 29.28% in 2023 [1] Financial Performance - The industrial segment contributed 9.28 billion yuan (+7.56% YoY), while the commercial segment contributed 360 million yuan (+2.66% YoY) [1] - Gross margin for the industrial segment was 83.05%, slightly decreasing by 1.5 percentage points, while the commercial segment maintained a gross margin of 44.92% [1] - The company's ROE improved to 21.1% in 2023 from 19.1% in 2022 [2] Future Outlook - The company plans to upgrade its marketing system and strengthen market development in underserved regions [1] - R&D efforts continue with 4 projects in the consistency evaluation research stage and 6 projects in pre-BE or BE stages [1] - Revenue is projected to grow to 10.001 billion yuan in 2024, 10.892 billion yuan in 2025, and 11.827 billion yuan in 2026 [2] Valuation - The company's PE ratio is expected to be 12X in 2024, 11X in 2025, and 10X in 2026 [2] - EPS is forecasted to increase from 3.06 yuan in 2023 to 3.12 yuan in 2024, 3.47 yuan in 2025, and 3.83 yuan in 2026 [2]