业绩短期承压，非呼吸类产品稳健增长

Investment Rating - The investment rating for the company is to maintain attention due to its position as a leader in traditional Chinese medicine innovation [4]. Core Views - The company reported a revenue of 10.318 billion yuan in 2023, a year-over-year decrease of 17.67%, and a net profit attributable to shareholders of 1.352 billion yuan, down 42.76% year-over-year [2]. - The respiratory product line faced significant declines due to high inventory levels and a high base effect from 2022, while non-respiratory products showed steady growth [2][3]. - The company continues to invest in innovative traditional Chinese medicine research, with a total R&D expenditure of 935 million yuan in 2023, representing 9.06% of revenue [3]. Financial Summary - Revenue projections for 2024-2026 are 11.386 billion yuan, 12.541 billion yuan, and 13.717 billion yuan, with corresponding growth rates of 10.35%, 10.14%, and 9.38% [4]. - Net profit forecasts for the same period are 1.532 billion yuan, 1.759 billion yuan, and 1.990 billion yuan, with growth rates of 13.27%, 14.83%, and 13.10% [4]. - The company’s earnings per share (EPS) are projected to be 0.92 yuan, 1.05 yuan, and 1.19 yuan, with price-to-earnings (P/E) ratios of 21, 18, and 16 respectively [4][5].