2023年年报点评：全年收入增长符合预期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2023 reached 7.96 billion yuan, a year-on-year increase of 21.3%, while the net profit attributable to shareholders was 1.78 billion yuan, a decrease of 5.4% [2] - The company has received approval for clinical trials of its innovative drug SR604, which is aimed at treating hemophilia and congenital factor VII deficiency [2] - Revenue forecasts for 2024-2026 are projected at 9.11 billion yuan, 10.3 billion yuan, and 11.7 billion yuan respectively, with net profits expected to be 2.36 billion yuan, 2.7 billion yuan, and 3.03 billion yuan [2] Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 79.6 billion yuan, with quarterly revenues of 20.6 billion, 18.4 billion, 20.3 billion, and 20.3 billion yuan, reflecting growth rates of +22.4%, +14.3%, +22.7%, and +25.6% respectively [2] - The self-operated blood products revenue was 4.3 billion yuan, up 15%, while the agency sales of imported human albumin reached 3.5 billion yuan, up 28% [2][10] - The company reported a net profit of 1.78 billion yuan for 2023, with a quarterly breakdown of 720 million, 520 million, 550 million, and a loss of 80 million yuan in Q4 [2] Product Development - The innovative drug SR604 received approval for clinical trials, which is expected to significantly improve patient compliance with a proposed administration schedule of once every four weeks [2] Future Projections - Revenue and net profit forecasts for 2024-2026 indicate a steady growth trajectory, with expected revenues of 91.1 billion yuan in 2024, 103 billion yuan in 2025, and 117 billion yuan in 2026 [2][10] - The company anticipates a strong performance in its self-operated blood products business and an enhanced market position through agency sales of imported human albumin [2]