积极拓宽分子砌块业务，前后端协同作用加强

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook [1][17]. Core Insights - The company is actively expanding its molecular block business, enhancing front-end and back-end collaboration. The unique product, Nigulol Tablets, has strong scarcity and the sales team is gradually improving [1]. - In 2023, the company achieved a revenue of 861 million yuan, a year-on-year increase of 31.49%, and a net profit of 219 million yuan, up 41.65% year-on-year. The gross margin was 88.95% and the net margin was 25.41% [9]. - The company expects revenue growth to continue, projecting revenues of 1.07 billion yuan in 2024, 1.31 billion yuan in 2025, and 1.59 billion yuan in 2026, with corresponding net profits of 281 million yuan, 351 million yuan, and 429 million yuan respectively [17][30]. Financial Performance Summary - The company's revenue growth rates are projected at 23.80% for 2024, 22.72% for 2025, and 21.74% for 2026 [30]. - The gross margin is expected to remain stable around 88% over the forecast period [30]. - The earnings per share (EPS) are projected to be 1.49 yuan in 2024, 1.86 yuan in 2025, and 2.27 yuan in 2026 [30]. Product Performance - Nigulol Tablets generated revenue of 90 million yuan in 2023, with a year-on-year growth of 61.04% and a gross margin of 94%. The sales volume reached 32.55 million tablets, up 60.89% year-on-year [22]. - The product is recognized as a recommended domestic innovative drug for treating hypertension combined with rapid heart rate, with a significant patient population [22]. - The company’s other product, Likujun Tablets, achieved revenue of 653 million yuan in 2023, a growth of 29.91%, with a gross margin of 92.6% [28]. Innovation Pipeline - The company has advanced its innovative drug pipeline, with JJH201501 entering Phase III clinical trials and other drugs progressing through various stages of development [28]. - The global antidepressant market is expanding, with significant potential for the company's new drug developments in this area [28]. Market Position - The company is positioned well within the pharmaceutical industry, focusing on innovative drug development and expanding its market share through strategic product offerings and collaborations [1][28].