保持稳健经营，国际合作添新成果

Investment Rating - The report maintains an "Accumulate" rating for the company [2][8] Core Views - In 2023, the company achieved a revenue of 52.918 billion yuan, representing a year-on-year increase of 38.30%, and a net profit attributable to shareholders of 8.07 billion yuan, up 7.04% year-on-year [3][5] - The company has strengthened its research and marketing advantages, with new international collaborations and the acquisition of Chen'an Biotech, establishing a "prevention + treatment" biopharmaceutical platform [2][8] - The company is expected to maintain steady growth, with projected net profits of 10.509 billion yuan, 11.075 billion yuan, and 11.856 billion yuan for 2024-2026, corresponding to a PE ratio of 8.3, 7.9, and 7.4 times, respectively [2][8] Financial Summary - In 2023, the company reported a net cash flow from operating activities of 8.996 billion yuan, a significant increase of 352.30% year-on-year [3][5] - The company's revenue is projected to grow to 60.285 billion yuan in 2024, with a year-on-year growth rate of 13.9% [4][9] - The gross profit margin is expected to improve from 26.9% in 2023 to 29.9% in 2024 [4][9] Product Development and Market Position - The company has seen strong growth in its vaccine business, with significant increases in the sales of the nine-valent HPV vaccine, which grew by 136.16% year-on-year [6][8] - The company has invested 1.345 billion yuan in R&D in 2023, accounting for 130.81% of its revenue from self-developed products, indicating a strong commitment to innovation [6][8] - The company is actively expanding its global partnerships, including collaborations with Merck and GlaxoSmithKline for the commercialization of vaccines [7][8]