业绩超预期，盈利能力持续提升

Investment Rating - The investment rating for the company is "Hold" [10] Core Views - The company has shown stable growth in orthopedic traditional Chinese medicine patches and rapid expansion in tablet products [1][8] - The company's profitability continues to improve, with a significant increase in both revenue and net profit [2][7] Financial Performance Summary - In 2023, the company achieved a revenue of 3.311 billion yuan, a year-on-year growth of 10.31%, and a net profit of 568 million yuan, up 22.09% year-on-year [7][18] - For Q1 2024, the company reported a revenue of 909 million yuan, a year-on-year increase of 15.27%, and a net profit of 190 million yuan, up 31.98% year-on-year [7] - The company expects revenues of 3.855 billion yuan, 4.401 billion yuan, and 4.995 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.40%, 14.18%, and 13.50% [3][18] - The projected net profits for the same years are 683 million yuan, 811 million yuan, and 955 million yuan, with growth rates of 20.30%, 18.73%, and 17.64% respectively [3][18] Product Performance - The company offers over ten dosage forms and more than a hundred products, with patch products generating 2.047 billion yuan in revenue, a year-on-year increase of 6.91% [8] - The tablet products saw a revenue of 262 million yuan, growing 34.66% year-on-year, indicating a rapid expansion [8] Profitability Metrics - The gross margin for 2023 was 73.29%, an increase of 1.01 percentage points year-on-year, while the net profit margin was 17.16%, up 1.65 percentage points [17] - The company has implemented marketing reforms and integrated resources, contributing to the continuous improvement in profitability [17]