业绩符合预期，接续集采中标未来盈利可期

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company's performance in 2023 met expectations, with a revenue of 2.61 billion yuan, representing a 52.3% increase, and a net profit attributable to shareholders of 340 million yuan, up 177.4% [2] - The first quarter of 2024 showed a revenue of 560 million yuan, a slight increase of 0.4%, and a net profit of 96 million yuan, reflecting a 95% year-on-year growth [2] - The company has successfully won bids for six insulin products in the recent procurement cycle, with expected price increases of 20%-30% [3] - The forecast for earnings per share (EPS) for 2024-2026 is 1.22 yuan, 2.04 yuan, and 2.38 yuan respectively, indicating strong growth potential [3] Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 73.3%, slightly down by 3 percentage points year-on-year, primarily due to changes in revenue structure [2] - The company's net profit margin for the year was 13%, an increase of 38.7 percentage points year-on-year [2] - The first quarter of 2024 saw a decline in revenue growth due to fluctuations in channel shipments ahead of the new procurement cycle [2][3] Revenue and Profit Forecast - Revenue is projected to grow from 2.61 billion yuan in 2023 to 3.78 billion yuan in 2024, with a growth rate of 45.04% [4] - The net profit attributable to shareholders is expected to rise from 340 million yuan in 2023 to 724 million yuan in 2024, reflecting a growth rate of 112.90% [4] - The company anticipates a continued increase in sales volume as new procurement prices are implemented starting June 2024 [3] Market Position and Strategy - The company is positioned as a leader in the domestic insulin market and is expected to benefit from both domestic procurement and international expansion into markets like Europe and the U.S. [3] - The company has submitted applications for three insulin products to the FDA, with expectations for approval and market entry in 2024 [7]