业绩符合预期，三发驱动加快创新转型

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company achieved a revenue of 21.454 billion yuan in 2023, representing a year-on-year growth of 12.69%, and a net profit of 2.456 billion yuan, up 44.03% year-on-year [1] - The company is accelerating its innovation transformation driven by three main factors: strong growth in its core business, ongoing international innovation, and effective cost management [1] - The company has seen a steady revenue growth trend, with Q4 2023 and Q1 2024 revenues growing by 12.02% and 10.32% year-on-year, respectively [1] Financial Performance Summary - In 2023, the company reported a revenue of 21.454 billion yuan, with a net profit of 2.456 billion yuan, and a net profit margin of 11.4% [8] - The company’s R&D expense ratio was 9.06%, showing a slight decrease from the previous year, while absolute R&D expenses increased by 8.27% to 1.944 billion yuan [1][8] - The company’s operating cash flow increased by 70.68% year-on-year, indicating strong cash generation capabilities [1] Growth Drivers - Key growth drivers include increased sales of infusion products, recovery in raw material prices, and multiple milestone payments from collaborations with MSD [1] - The company has initiated seven global Phase III clinical studies for SKB264, which is expected to become a core asset in MSD's oncology portfolio [1] - The company is also advancing its domestic ADC products and has received acceptance for several innovative drug applications [1] Earnings Forecast and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 2.77 billion yuan, 3.22 billion yuan, and 3.82 billion yuan, respectively, with corresponding growth rates of 12.9%, 16.2%, and 18.7% [2] - The report adjusts the earnings forecast upwards, reflecting the expected acceleration in revenue from generic drug achievements and ongoing innovation [1][2]