23年业绩稳健增长，24Q1净利润大幅提升

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [12][24]. Core Insights - The company is positioned as a leading player in the traditional Chinese medicine market for rheumatology and orthopedics, benefiting from policy incentives, an aging population, and consumption upgrades. Projected revenues for 2024-2026 are CNY 1.208 billion, CNY 1.466 billion, and CNY 1.768 billion, with net profits of CNY 144 million, CNY 185 million, and CNY 237 million, respectively, reflecting year-on-year growth rates of 30.3%, 28.6%, and 28.2% [12][27]. Financial Performance - In 2023, the company achieved revenue of CNY 981 million, a slight increase of 0.67% year-on-year, and a net profit of CNY 110 million, up 9.16% year-on-year. For Q1 2024, revenue was CNY 210 million, down 6.87% year-on-year, while net profit surged by 44.46% to CNY 31 million [19][27][31]. - The company's main product, Panlong Qipian, has seen a steady increase in market share, reaching 7.59% in H1 2023, maintaining its position as the market leader [18][28]. Revenue and Profit Projections - The company forecasts significant revenue growth, with expected revenues of CNY 1.208 billion in 2024, CNY 1.466 billion in 2025, and CNY 1.768 billion in 2026, alongside corresponding net profits of CNY 144 million, CNY 185 million, and CNY 237 million [12][27]. - The projected EPS for the next three years is CNY 1.35, CNY 1.74, and CNY 2.23, with P/E ratios decreasing from 22X in 2024 to 13X in 2026 [12][27]. Market Position and Strategy - The company has established a comprehensive marketing network across 31 provinces, collaborating with over 650 pharmaceutical companies and covering more than 4,400 hospitals, which supports its growth strategy [28]. - The company is actively developing potential products with over CNY 100 million in market potential, enhancing its sales through both medical and retail channels [28].