经皮给药产品梯队建设推进中，院内+院外有望多点开花

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [5][29]. Core Viewpoints - The company achieved a revenue of 2.69 billion yuan in 2023, representing a year-on-year growth of 15.75%, and a net profit of 368.26 million yuan, up 36.54% year-on-year [18][26]. - The main product, Loxoprofen Sodium Gel Patch, is expected to see increased sales through both hospital and outpatient channels, with significant market share growth anticipated due to ongoing regional procurement initiatives [9][20]. - The company has a strong pipeline with over 15 transdermal drug delivery products in development, aiming to establish itself as a leader in this field [20]. Financial Performance - The company forecasts revenues of 3.11 billion yuan, 3.59 billion yuan, and 4.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 513.05 million yuan, 675.70 million yuan, and 901.37 million yuan [13][14]. - The earnings per share (EPS) are projected to increase from 1.07 yuan in 2023 to 2.61 yuan by 2026, reflecting a strong growth trajectory [14][19]. - The company reported a sales expense ratio of 48.56% in 2023, which is expected to decrease further as operational efficiencies improve [19][27]. Business Segments - The pharmaceutical formulation segment generated 2.24 billion yuan in revenue in 2023, with the leading product contributing 1.55 billion yuan, marking an 18.70% increase year-on-year [11][18]. - The raw materials business also showed robust growth, with revenue from active pharmaceutical ingredients reaching 168 million yuan, up 29.87% year-on-year [11][18]. Market Position - The company is actively expanding its outpatient market presence, having developed partnerships with 280 chain stores covering nearly 38,000 outlets by the end of 2023 [9][20]. - The newly launched Ketoprofen Gel Patch was included in the National Medical Insurance Directory at a price of 8.68 yuan per patch, contributing positively to revenue growth [20].