业绩符合预期，生长激素持续放量

Investment Rating - The investment rating for the company is "Buy" with a current price of 9.92 CNY and a fair value of 12.55 CNY, indicating a potential upside of over 26% [3]. Core Insights - The company has significantly increased its R&D investment, reaching 255 million CNY in 2023, a 53.41% increase, which supports its innovation capabilities and future high-quality development [1]. - The company is advancing its product pipeline, with the "AK2017 Injection" entering Phase II clinical trials and ongoing clinical studies for other products, enhancing its offerings in the pediatric growth field [1]. - The company reported a revenue of 2.866 billion CNY in 2023, a year-on-year increase of 22.94%, and a net profit of 847 million CNY, up 20.47% [8]. Financial Summary - Revenue is projected to grow from 2.866 billion CNY in 2023 to 5.281 billion CNY by 2026, with annual growth rates of 22.9% in 2023 and 24.9% in 2024 [9]. - The company's EPS is expected to increase from 0.51 CNY in 2023 to 0.96 CNY in 2026, reflecting a strong growth trajectory [9]. - The net profit margin is projected to remain stable, with a net profit of 1.616 billion CNY anticipated in 2026, maintaining a healthy growth rate [9].