核心品种持续放量，2023年公司业绩稳定增长

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 241.50 CNY per share over the next six months [5][6]. Core Insights - The company's revenue for 2023 reached 1.468 billion CNY, representing a year-on-year growth of 17.42%, while the net profit attributable to shareholders was 240 million CNY, up 13.39% year-on-year [2][5]. - The core products, including gel/eye ointment and eye drops, have shown significant growth, particularly the eye drops which increased by 47.86% to 663 million CNY [2][3]. - The low-concentration atropine, a key product, has been approved and is expected to see rapid sales growth due to its first-mover advantage in the domestic market [3]. - The cyclosporine eye drops have also experienced substantial sales growth after being included in the medical insurance coverage, with sales growth rates of 2839.20% and 313.04% in 2021 and 2022 respectively [4]. Financial Summary - The projected net profits for 2024, 2025, and 2026 are estimated at 602 million CNY, 715 million CNY, and 829 million CNY, reflecting growth rates of 150.7%, 18.8%, and 16.0% respectively [5][10]. - The earnings per share (EPS) for 2024 is expected to be 4.83 CNY, with a price-to-earnings (PE) ratio of 50 times [5][11]. - The company’s total market capitalization is approximately 26.91 billion CNY, with a circulating market capitalization of about 20.67 billion CNY [6].