创新药突破百亿大关，持续进行创新升级

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Insights - The company achieved a revenue of 22.82 billion yuan in 2023, a year-on-year increase of 7.26%, and a net profit attributable to shareholders of 4.302 billion yuan, up 10.14% year-on-year. In Q1 2024, the company reported a revenue of 5.998 billion yuan, a 9.20% increase year-on-year, and a net profit of 1.369 billion yuan, up 10.48% year-on-year [5][6]. - The revenue from innovative drugs exceeded 10.637 billion yuan, marking a year-on-year growth of 22.1%, despite challenges such as price reductions and market access difficulties for generic drugs. This indicates that innovative drugs are the main growth driver for the company's performance [5][6]. - The company continues to drive innovation through advanced platforms, with 14 self-developed first-class innovative drugs and over 90 self-innovated products in clinical development, establishing a positive cycle of product development [6]. - The internationalization process is ongoing, with five licensing agreements in 2023 totaling over 4 billion USD, and multiple projects gaining clinical trial qualifications in various regions [6]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 22.82 billion yuan, with a gross profit margin of 84.6%. The net profit attributable to shareholders was 4.302 billion yuan, with an expected net profit of 6.181 billion yuan in 2024, reflecting a growth rate of 43.7% [7][8]. - The company’s operating expenses have improved, with a decrease in sales, management, and R&D expense ratios compared to 2022 [5][6]. Innovation and Development - The company has established several leading technology platforms for drug development, which support its innovative research and development efforts [6]. - The pipeline includes a variety of innovative products, with a focus on oncology and chronic diseases, indicating a robust future growth trajectory [6]. Market Position and Outlook - The company is expected to maintain strong growth, with projected net profits of 7.578 billion yuan in 2025 and 8.341 billion yuan in 2026, supported by a rich pipeline of innovative drugs and ongoing international expansion [6][7].