收入稳健增长，研发力度持续加大

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.96 yuan based on a 47 times price-to-earnings ratio for 2024 [5][7]. Core Insights - The company reported a steady revenue growth of 15.9% year-on-year, achieving an operating revenue of 1.18 billion yuan in 2023, while the net profit attributable to shareholders decreased by 15.5% to 200 million yuan [1]. - The growth in revenue is attributed to a significant increase in sales of antiviral products, which surged by 170% due to heightened demand during the flu season, alongside a robust performance in the formulation segment, which grew by 37.5% [1]. - The company is increasing its research and development (R&D) efforts, with R&D expenses rising by 20.1% to 250 million yuan, representing 21.1% of total revenue [1]. Financial Summary - In 2023, the company achieved an operating revenue of 1.18 billion yuan, with a gross margin of 55.8%, down 7.2 percentage points from the previous year [1][6]. - The forecast for earnings per share (EPS) is adjusted to 0.68 yuan for 2024, 0.79 yuan for 2025, and 0.91 yuan for 2026, reflecting a downward revision from previous estimates [5]. - The projected operating revenue for 2024 is 1.34 billion yuan, with a year-on-year growth of 13.5% [6].