业绩符合预期，重磅单品阿托品获批，放量在即

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 1.47 billion yuan in 2023, representing a year-on-year growth of 17.4%, and a net profit of 240 million yuan, up 13.4% year-on-year. The fourth quarter of 2023 saw a significant revenue increase of 47.7% year-on-year, reaching 360 million yuan, with a net profit surge of 552.3% year-on-year [1][2]. - The approval of the atropine eye drops is expected to drive substantial growth, as it is the first low-concentration product for myopia in China, with a strong market recognition anticipated to enhance its penetration rate in the first year [1][2]. - The company has a robust product portfolio with 57 approved ophthalmic drugs, including 35 listed in the medical insurance directory, which positions it well for future growth [1]. Financial Summary - The company's revenue is projected to grow significantly, with estimates of 2.78 billion yuan in 2024, 4.27 billion yuan in 2025, and 5.62 billion yuan in 2026, reflecting growth rates of 89.6%, 53.5%, and 31.5% respectively [3]. - The net profit forecast for 2024 is 487 million yuan, with a growth rate of 102.7%, followed by 755 million yuan in 2025 and 1.03 billion yuan in 2026, with growth rates of 55.2% and 35.9% respectively [3]. - The company has maintained a stable gross margin of 77.37% and a net margin of 16.36% in 2023, with slight year-on-year declines [1]. Dividend Policy - The company has a strong commitment to returning value to shareholders, with a dividend payout ratio exceeding 100%. The proposed dividend for 2023 is 30 yuan per 10 shares, along with a capital reserve conversion of 4 shares for every 10 shares held, resulting in a dividend rate of 155.71% [1].