公司信息更新报告：核心品种持续放量，运营效率再提升

Investment Rating - The investment rating for the company is "Buy" [42] Core Insights - The company achieved a revenue of 2.693 billion yuan in 2023, representing a year-on-year growth of 15.75%. The net profit attributable to shareholders was 368 million yuan, up by 36.54% [2][4] - The company is expected to maintain its market advantage in the transdermal drug delivery sector, with revised net profit forecasts for 2024-2026 being 511 million, 649 million, and 810 million yuan respectively [2][4] - The company has increased its R&D investment to 269 million yuan in 2023, accounting for 9.99% of its revenue, which is a 28.14% increase year-on-year [29] Financial Summary - In 2023, the company's sales revenue from pharmaceutical formulations reached 2.236 billion yuan, with the main product, Loxoprofen Sodium Gel, generating 1.547 billion yuan in sales, reflecting an 18.70% increase [16][28] - The company’s gross profit margin for 2023 was 77.2%, with a net profit margin of 13.7% [4][31] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.48, 1.88, and 2.35 yuan respectively, with corresponding P/E ratios of 23.6, 18.6, and 14.9 [2][4]