创新转型持续，流感药即将上市

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.50 CNY per share based on a 45x PE for 2024 [1][18]. Core Insights - The company reported a revenue of 2.611 billion CNY in 2023, a decrease of 2.45% year-on-year, and a net profit of 263 million CNY, down 18.25% year-on-year, primarily due to price reductions from traditional Chinese medicine procurement and changes in the fair value of financial assets [1][2]. - The company is focusing on innovation and transformation, with significant progress in research and development, including the anticipated approval of a flu medication this year [1][16]. - The company is actively participating in national or local alliance procurement for its core products, with traditional Chinese medicine revenue expected to recover as the impact of price reductions is absorbed [1][16]. Financial Summary - Revenue forecast for 2024 is estimated at 3.001 billion CNY, with a projected growth rate of 15% [2]. - The company's EBITDA for 2023 was 456 million CNY, with an expected increase to 535 million CNY in 2024 [2]. - The net profit forecast for 2024 is 370 million CNY, reflecting a growth rate of 40.5% compared to 2023 [2]. Research and Development Progress - The company has successfully launched its first innovative drug, Lai Ru Te Wei tablets, for treating mild to moderate COVID-19, marking a significant milestone in its innovation transformation [1][16]. - The application for the flu medication, Ang La Di Wei tablets, has been accepted by the CDE, indicating progress in the company's drug pipeline [1][16]. - The company is also advancing its first domestic innovative drug project for treating NASH, which has completed the first patient enrollment in Phase IIb clinical trials [1][16].