Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company's performance in 2023 met expectations, with a revenue of 7,563.90 million yuan, a year-on-year increase of 0.72%, and a net profit attributable to the parent company of 656.31 million yuan, up 29.55% year-on-year [1][5]. - The brand matrix is in a phase of rapid expansion, with innovative drugs and high-end medical devices expected to drive new growth points [4][5]. Financial Performance Summary - In 2023, the company's core business brand operation achieved a revenue of 4,400 million yuan, a year-on-year increase of 18.91%. Adjusted for the two-invoice system, the revenue was 5,420 million yuan [2]. - The gross profit margin for 2023 was 29.98%, an increase of 2.22 percentage points year-on-year, while the net profit margin was 8.46%, up 2 percentage points [3]. - The company forecasts revenue for 2024-2025 to be adjusted to 88.70 billion yuan and 101.25 billion yuan, respectively, with net profit forecasts of 8.53 billion yuan and 10.66 billion yuan [5][6]. Business Structure and Growth - The company has improved its business structure and scale effects, leading to enhanced profitability. The wholesale and distribution business accounted for 36.68% of total revenue in 2023, down 9.05 percentage points year-on-year, contributing to improved profit margins [3]. - The core products, such as the DQ series, have shown significant scale effects, with a reduction in sales expense ratio by 2% in 2024 Q1 [3]. Market Position and Future Outlook - The company is expected to continue its steady growth trajectory due to the rapid expansion of its brand matrix and the commercialization of innovative drugs and high-end medical devices [4][5].
业绩符合预期，品牌矩阵持续扩张