业绩超预期，盈利能力持续提升

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for growth relative to market indices [2]. Core Insights - The company's profitability continues to improve, with a gross margin of 73.29% in 2023, an increase of 1.01 percentage points year-on-year. The net profit margin reached 17.16%, up by 1.65 percentage points [3][14]. - The company reported a revenue of 3.311 billion yuan in 2023, a year-on-year growth of 10.31%, and a net profit of 568 million yuan, reflecting a 22.09% increase [14]. - The orthopedic traditional Chinese medicine patch products are experiencing stable growth, while tablet products are rapidly expanding [15][16]. Financial Performance Summary - In 2023, the company achieved a revenue of 3.311 billion yuan, with a net profit of 568 million yuan, and a non-recurring net profit of 534 million yuan, showing a growth of 30.61% year-on-year [14]. - For Q1 2024, the company reported a revenue of 909 million yuan, a 15.27% increase year-on-year, and a net profit of 190 million yuan, up by 31.98% [14]. - The company’s gross margin for 2023 was 73.29%, with a projected increase to 75.60% in Q1 2024 [3][14]. Product Performance - The revenue from patch products was 2.047 billion yuan in 2023, growing by 6.91%, while tablet products generated 262 million yuan, marking a 34.66% increase [16]. - The company has over ten dosage forms and more than a hundred products, with significant contributions from patches and tablets [16]. Earnings Forecast and Valuation - The company is expected to achieve revenues of 3.855 billion yuan in 2024, with a growth rate of 16.40%, and a net profit of 683 million yuan, reflecting a growth rate of 20.30% [21]. - The earnings per share (EPS) is projected to be 1.21 yuan in 2024, with a compound annual growth rate (CAGR) of 18.89% over the next three years [21].