2023年报和2024一季报点评：业绩超预期院内和OTC加速放量

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported better-than-expected performance in 2023, with total revenue of 1.942 billion yuan, a year-on-year increase of 7.6%, and a net profit attributable to shareholders of 382.94 million yuan, up 40.3% [1][3]. - The sales of the company's main product, Wuling Capsule, showed a significant recovery in Q1 2024, with revenue growth of 35.3% year-on-year, driven by a 43.9% increase in sales volume [7][8]. - The company is optimistic about the long-term growth potential in the post-pandemic era, particularly in the mental health market, which is expected to expand significantly [2][3]. Financial Performance Summary - For 2023, the company achieved total revenue of 1.942 billion yuan and a net profit of 382.94 million yuan, with a projected revenue of 2.526 billion yuan for 2024, reflecting a growth rate of 30.06% [1][3]. - The earnings per share (EPS) for 2023 was 0.55 yuan, with expectations of 0.78 yuan for 2024 and 0.97 yuan for 2025 [1][3]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 26.59 in 2023 to 18.73 in 2024, indicating an attractive valuation [1][3]. Market and Product Insights - The company has successfully navigated the impact of centralized procurement for Wuling Capsule, with sales volume and revenue growth of 17.5% and 9.1% respectively in 2023 [2][3]. - The launch of the Bailing Capsule is expected to create a second growth curve for the company, with a market potential of 5-10 billion yuan [8]. - The company is actively expanding its over-the-counter (OTC) channels, aiming to tap into the growing OTC market [2][3].