业绩平稳增长，研发稳步推进

Investment Rating - The investment rating for the company is "Buy" [4][9] Core Views - The company achieved a revenue of 22.82 billion yuan in 2023, representing a year-on-year growth of 7.26%, with a net profit attributable to shareholders of 4.30 billion yuan, up 10.14% year-on-year [1] - In Q1 2024, the company reported a revenue of 5.99 billion yuan, a year-on-year increase of 9.2%, and a net profit of 1.37 billion yuan, reflecting a growth of 10.48% year-on-year [1] - The revenue from innovative drugs reached 10.64 billion yuan in 2023, growing by 22.1% year-on-year, accounting for 46.61% of total revenue [1] - The company has a rich pipeline in oncology and has expanded its research into various therapeutic areas including autoimmune diseases, pain management, cardiovascular diseases, metabolic diseases, infectious diseases, respiratory diseases, hematological diseases, and neurological diseases [2] - The company maintained a high level of R&D investment, totaling 6.15 billion yuan in 2023, with 4.95 billion yuan classified as expensed R&D [3] - The company has established five licensing agreements in 2023, with a total transaction value exceeding 4 billion USD, indicating a strong commitment to international collaboration [3] Summary by Sections Financial Performance - In 2023, the company reported a basic earnings per share (EPS) of 0.68 yuan, an increase of 11.48% year-on-year [1] - The company’s total revenue for 2023 was 22.82 billion yuan, with a net profit of 4.30 billion yuan [1] - For Q1 2024, the basic EPS was 0.21 yuan, reflecting a year-on-year growth of 10.53% [1] R&D and Product Pipeline - The company has 14 applications for new drug listings accepted by NMPA in 2023, with 12 progressing to Phase III clinical trials and 35 to Phase II [2] - The company’s innovative drugs are expected to drive future revenue growth due to their significant efficacy and improved accessibility through national insurance coverage [1][2] Market Position and Strategy - The company is recognized as a leading innovative drug enterprise in China, with a comprehensive and rational R&D layout [7] - The company’s internationalization strategy is progressing steadily, with ongoing efforts to seek partnerships with global pharmaceutical leaders [3]