高基数下业绩短期承压，推动新药研发

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's performance is under pressure in the short term due to high base effects, but it aims for steady development in 2024. The revenue for 2023 was 10.318 billion, a year-on-year decline of 17.67%, and the net profit attributable to the parent company was 1.352 billion, down 42.76% [1][2] - The company plans to leverage its "Seventh Five-Year" strategic plan to enhance operational management, improve R&D efficiency, and optimize its marketing system to achieve stable growth [1][2] - The company has maintained stable growth in sales of other patented products, with cardiovascular products generating revenue of 4.709 billion in 2023, up 12.71%, while respiratory products saw a significant decline of 51.90% [1][2] Financial Summary - The company forecasts revenues of 11.683 billion, 13.523 billion, and 15.703 billion for 2024, 2025, and 2026 respectively, with net profits of 1.948 billion, 2.245 billion, and 2.586 billion for the same years [2][3] - The gross margin is expected to be 57.8% in 2024, slightly down from 57.3% in 2023, while the net asset return (ROE) is projected to be 14.6% [2][3] - The company reported a diluted EPS of 1.17 in 2024, with a P/E ratio of 16.34 [2][3] R&D and Innovation - The company is actively advancing new drug development in its core areas of traditional Chinese medicine and chemical drugs, with 22 new national invention patents and 7 international invention patents granted in 2023 [1][2] - The focus for 2024 includes enhancing core technologies and innovation capabilities, particularly in the development of innovative traditional Chinese medicine and chemical drugs targeting new therapeutic areas [1][2]