“三核九翼”夯实基础，大单品增速亮眼

Investment Rating - The report does not specify a clear investment rating for the company [3][17]. Core Insights - The company achieved a revenue of 8.22 billion yuan in 2023, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 14.5% to 990 million yuan [3][4]. - The industrial segment saw a revenue increase of 10.34% to 4.93 billion yuan, driven by strong sales of key products such as the Rapid Rescue Heart Pill, which surpassed 2 billion yuan in sales for the first time [3][4]. - The company is actively expanding its international market presence, with international sales revenue exceeding 400 million yuan, a 25% increase year-on-year [3][4]. Summary by Sections Financial Performance - Revenue for 2023 was 8.22 billion yuan, with a growth rate of -0.33% compared to the previous year [4][10]. - Net profit attributable to shareholders was 990 million yuan, reflecting a growth rate of 14.49% [4][10]. - The gross profit margin improved to 44.01%, an increase of 4.08 percentage points [3][10]. Product Performance - The company’s core products, particularly the Rapid Rescue Heart Pill, saw significant sales growth, contributing to a 20.17% increase in cardiovascular revenue [3][4]. - The respiratory system segment experienced a 37.44% revenue increase, driven by products like the Throat Soothing Pill [3][4]. - The company is focusing on the secondary development of major products to enhance competitiveness [3][4]. Future Outlook - The company has set clear strategic goals for the 14th Five-Year Plan, with projected net profits for 2024, 2025, and 2026 expected to be 1.21 billion, 1.49 billion, and 1.79 billion yuan, respectively [3][10]. - The report anticipates continued growth in the sales of traditional Chinese medicine products, with an expected annual growth rate of 8% from 2024 to 2026 [9][10].