核心产品速效救心丸持续放量，盈利能力稳步提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company's core product, "速效救心丸" (Rapid Heart Rescue Pill), continues to see significant sales growth, with sales exceeding 2 billion yuan in 2023 [1][2] - Despite a decline in revenue due to the commercial sector, the core business remains robust, leading to an adjustment in profit forecasts for 2024-2026 [2] - The company is expected to achieve revenue of 91.2 billion yuan in 2024, 101.8 billion yuan in 2025, and 113.8 billion yuan in 2026, reflecting year-on-year growth of 11%, 12%, and 12% respectively [2][3] Financial Performance - In 2023, the company reported total revenue of 82.22 billion yuan, a slight decrease of 0.33% year-on-year, while net profit attributable to shareholders was 9.87 billion yuan, an increase of 14.49% year-on-year [1][3] - The gross profit margin for 2023 was 44.01%, up by 4.08 percentage points year-on-year, and the net profit margin was 11.78%, an increase of 1.19 percentage points year-on-year [1][3] - The company’s operating cash flow for 2023 was 6.88 billion yuan, reflecting a year-on-year increase of 1.66% [1] Product Performance - The sales volume of "速效救心丸" reached 577.6 million boxes in 2023, marking a year-on-year increase of 14.16% [1] - Respiratory products maintained high demand, with "清咽滴丸" (Throat Drops) sales reaching 7.02 million boxes, a year-on-year increase of 80.79% [1] - The company has successfully positioned several key products, including "清咽滴丸," "安宫牛黄丸," and "清肺消炎丸," into the 200 million yuan product tier [1] Strategic Initiatives - The company is advancing its "三核九翼" (Three Cores and Nine Wings) and "1+5" strategic layouts, focusing on the development of its main products and expanding its market presence [1][2] - In 2023, the company established 4,000 acres of medicinal herb cultivation bases, enhancing its upstream supply chain [2]