业绩符合预期，新药上市和进医保驱动业绩增长

Investment Rating - The investment rating for the company is "Accumulate" [7]. Core Views - The company's performance in 2023 and Q1 2024 met expectations, driven by new drug launches and inclusion in medical insurance [2][3]. - Significant revenue growth was observed from the sales of Beimu and Beanting, with Beimu's revenue increasing by 116% year-on-year in the first three quarters of 2023 [3]. - The company has a strong pipeline with potential growth from targeted therapies and collaborations in ophthalmology [4]. Financial Performance Summary - In 2023, the company achieved revenue of 2.456 billion yuan, a year-on-year increase of 3.35%, and a net profit of 348 million yuan, up 139.33% [2][6]. - For Q1 2024, revenue reached 736 million yuan, reflecting a year-on-year growth of 38.40%, with a net profit of 98 million yuan, up 90.95% [2][6]. - The company expects revenue for 2024-2026 to be 2.709 billion, 3.092 billion, and 3.336 billion yuan, respectively, with growth rates of 10.30%, 14.14%, and 7.90% [5][6]. Valuation and Forecast - The forecast for net profit for 2024-2026 is 274 million, 399 million, and 480 million yuan, with growth rates of -21.27%, 45.73%, and 20.29% respectively [5][6]. - The estimated EPS for the same period is 0.65, 0.95, and 1.15 yuan per share, with a three-year CAGR of 11.32% [5][6]. - The target price is set at 42.61 yuan, based on a 65x PE ratio for 2024 [5].