百年肛肠品牌开拓边界，结构优化未来可期

Investment Rating - The report gives a neutral rating for the company, indicating that the stock is expected to perform within a range of -10% to 10% relative to the market index over the next six months [31]. Core Insights - In 2023, the company achieved a revenue of 3.14 billion yuan, a year-on-year decline of 11.2%, and a net profit attributable to shareholders of 440 million yuan, down 7.4% [2][42]. - The pharmaceutical commercial segment saw a revenue of 1.09 billion yuan, down 19.7%, as the company transitions from a traditional pharmaceutical manufacturer to a provider of anal health solutions, enhancing its online and offline operations [3][8]. - The company operates six direct chain anal specialty hospitals and has signed contracts for 80 anal diagnosis and treatment centers, which are expected to drive future growth [9][47]. Summary by Sections Financial Performance - The company reported a revenue of 3.14 billion yuan in 2023, with a net profit of 440 million yuan and a non-recurring net profit of 350 million yuan, reflecting declines of 11.2%, 7.4%, and 23.6% respectively [2][42]. - The pharmaceutical industrial segment's revenue was 1.83 billion yuan, down 11.5%, primarily due to inventory adjustments and channel management [36][46]. Business Segments - The medical services segment grew by 33.3% in 2023, achieving a revenue of 350 million yuan, supported by improved operational quality and the establishment of anal treatment centers [47]. - The company is focusing on optimizing its product structure and pricing strategies in the pharmaceutical commercial segment, with projected revenue declines of -15%, -10%, and -8% from 2024 to 2026 [25][51]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 3.24 billion yuan, 3.5 billion yuan, and 3.86 billion yuan respectively, with net profits expected to be 510 million yuan, 590 million yuan, and 700 million yuan [37][51]. - The company is expected to maintain a PE ratio of 21, 18, and 15 for the respective years [51].