点评报告：口服剂表现亮眼，费用优化

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Insights - The company has shown strong revenue growth in oral liquid and gel formulations, with significant increases in sales for these products [5]. - The overall gross margin for Q1 2024 is 74.61%, a slight decrease of 0.49 percentage points year-on-year, with varying gross margins across different product types [2]. - The company has optimized its expense ratios, with a sales expense ratio of 37.44% (down 6.52 percentage points year-on-year) and a total expense ratio of 45.34% (down 2.44 percentage points year-on-year) [2]. - Research and development expenses have increased by 8.24% to 204 million yuan, indicating a continued commitment to innovation [2]. Revenue and Profit Forecast - The company is projected to achieve revenues of 57.20 billion yuan, 67.47 billion yuan, and 79.34 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 6.46 billion yuan, 7.75 billion yuan, and 9.39 billion yuan [3][5]. - The earnings per share (EPS) is expected to rise to 1.10 yuan, 1.33 yuan, and 1.61 yuan for the years 2024, 2025, and 2026, respectively, with a decreasing price-to-earnings (PE) ratio forecasted [3][10].