业绩持续高增，产品矩阵逐步形成

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 2.693 billion yuan in 2023, a year-on-year increase of 15.75%, and a net profit of 368 million yuan, up 36.54% year-on-year. In Q1 2024, revenue reached 591 million yuan, growing 17.74% year-on-year, with a net profit of 126 million yuan, a significant increase of 63.44% year-on-year [2][19] Summary by Sections Performance Growth - The company has shown rapid growth in both revenue and profit, with Q1 2024 net profit growth outpacing revenue growth, attributed to a decrease in sales expense ratio following the inclusion of its core product in provincial procurement [6][19] Business Segments - The formulation segment continues to excel, with revenue from gel patches reaching 2.236 billion yuan in 2023, a 15.86% increase. The core product, Loxoprofen Sodium Gel Patch, generated 1.547 billion yuan, up 18.70% year-on-year. The company is expanding its product pipeline with new formulations and has successfully included Ketoprofen Gel Patch in the national medical insurance directory, which is expected to drive further growth [7][30] Cost and Profitability - The company maintained stable gross and expense ratios, with a gross margin of 77.38% in 2023. R&D expenses increased by 26.26% to 254 million yuan, representing 9.44% of revenue, indicating a commitment to innovation and product development [8][37] Profit Forecast and Investment Suggestion - The report adjusts profit forecasts slightly, projecting revenues of 3.249 billion yuan, 3.908 billion yuan, and 4.690 billion yuan for 2024-2026, with net profits of 508 million yuan, 684 million yuan, and 911 million yuan respectively, reflecting expected continued growth driven by the gel patch segment and stable raw material business [9]