代理产品结构变化，期待带状疱疹疫苗放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Insights - The company reported a revenue of 52.92 billion yuan in 2023, representing a year-on-year growth of 38.3%. The net profit attributable to shareholders was 8.07 billion yuan, up 7% year-on-year. However, in Q1 2024, revenue was 11.4 billion yuan, a 2% increase year-on-year, while net profit decreased by 28.3% to 1.46 billion yuan [2][3]. - The decline in net profit in Q1 2024 was primarily due to the impact of returned COVID-19 vaccine sales and changes in product structure affecting profitability. The gross margin for 2023 was 26.9%, down 6.71 percentage points, and the net margin was 15.3%, down 4.45 percentage points [2][3]. - The company has signed an exclusive distribution agreement with GSK for the shingles vaccine, which is expected to generate significant revenue growth from 2024 to 2026, with minimum procurement amounts projected at 3.44 billion yuan, 6.88 billion yuan, and 10.32 billion yuan respectively [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 52.92 billion yuan, with a growth rate of 38.3%. The net profit attributable to shareholders was 8.07 billion yuan, with a growth rate of 7.04% [3]. - For Q1 2024, the company reported a revenue of 11.4 billion yuan, a 2% increase year-on-year, but net profit fell to 1.46 billion yuan, a decrease of 28.3% [2][3]. Product Structure - The company's revenue from self-produced products was 1.03 billion yuan, down 68.7%, while revenue from agency products was 51.89 billion yuan, up 48.4%. The proportion of the nine-valent HPV vaccine has increased significantly, with sales volume reaching 36.55 million doses, a growth of 136.2% [2][3]. - The company anticipates that the newly added shingles vaccine will provide a new growth point for performance starting next year [2][3]. Earnings Forecast - The expected EPS for 2024-2026 is projected to be 3.78 yuan, 4.44 yuan, and 4.62 yuan respectively. The company maintains a "Buy" rating based on these forecasts [2][3][10].