23年报&24Q1业绩点评：业绩表现亮眼，贴膏管线丰富，增长动力充沛

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.9 CNY, corresponding to a market capitalization of 15.5 billion CNY based on a 30x P/E ratio for 2024 [1][8]. Core Insights - The company has shown strong performance with a well-formed product matrix, indicating robust long-term growth potential. The projected net profits for 2024, 2025, and 2026 are 516 million CNY, 676 million CNY, and 890 million CNY respectively, reflecting significant growth rates of 40% and 31% [1][19]. - The revenue for 2023 was 2.693 billion CNY, a year-on-year increase of 15.75%, with a net profit of 368 million CNY, up 36.54% [5][6]. - The company is expanding its product lines, particularly in the transdermal patch segment, with over 15 external preparations in development, including several that are already in production [18]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 3.275 billion CNY, 3.957 billion CNY, and 4.882 billion CNY, with growth rates of 22%, 21%, and 23% respectively [1][12]. - The net profit forecasts for the same years are 516 million CNY, 676 million CNY, and 890 million CNY, with growth rates of 40%, 31%, and 32% respectively [1][12]. - The earnings per share (EPS) are expected to rise from 1.07 CNY in 2023 to 2.58 CNY by 2026, indicating a strong upward trend [1][12]. Business Performance - The company's OTC products and solid oral formulations have been performing well, with the revenue from drug formulations reaching 2.24 billion CNY in 2023, a 15.9% increase [6]. - The sales expense ratio has decreased from 48.6% in 2023 to 40.5% in Q1 2024, indicating improved operational efficiency [5][6]. - The raw material and auxiliary material segments also showed growth, with revenues of 170 million CNY and 180 million CNY respectively in 2023, reflecting a competitive advantage in cost and market share [6].