轻装上阵迎接高速增长，创新全球化持续兑现

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company is poised for high growth with its innovative globalization strategy continuing to deliver results [2] - The company reported a revenue of 4.068 billion yuan in 2023, a year-on-year increase of 6.03%, while the net profit attributable to the parent company was -551 million yuan, a significant decline of 388.19% year-on-year [2][4] - The report emphasizes that the substantial impairment provisions taken in 2023 will clear potential future risks, allowing for profit growth driven by product sales in the future [2][4] Financial Summary - Revenue projections for 2024 to 2026 are 5.248 billion yuan, 6.364 billion yuan, and 7.141 billion yuan, representing year-on-year growth rates of 29.0%, 21.3%, and 12.2% respectively [5] - The net profit attributable to the parent company is expected to be 673 million yuan in 2024, 994 million yuan in 2025, and 1.258 billion yuan in 2026, with corresponding growth rates of 222.1%, 47.7%, and 26.6% [5][8] - The gross profit margin for 2023 was 47.84%, with expectations to improve to 51.1% in 2024 [2][8] - The company’s operating cash flow for 2024 is projected to be 349 million yuan, with a net profit forecast of -886 million yuan [11][12] Product Development and Market Position - The company has successfully launched multiple products, including the innovative drug F-627 and F-652, which are expected to contribute significantly to revenue growth [2][4] - The report notes that the company has secured the rights to distribute Roche's drug, which is anticipated to quickly enhance sales [4] - The company has also introduced several domestic first-generic products, further optimizing its product structure [4]