开喉剑持续增长，并购整合实现多元化

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.635 billion yuan in 2023, representing a year-on-year increase of 36.10%. The net profit attributable to the parent company was 293 million yuan, up by 45.42% year-on-year [1] - The company continues to expand its market presence through the growth of its "Kaitoujian" product series, which has gained significant market recognition [1][2] - The company has made strategic acquisitions to diversify its product structure and enhance sales growth [1][3] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported a revenue of 422 million yuan, a year-on-year increase of 20.93%, with a net profit of 56 million yuan, up by 2.03% year-on-year [1] - The overall gross margin for 2023 was 73.31%, an increase of 1.57 percentage points year-on-year [1] - The company expects consolidated revenue for 2024 to be between 2.4 billion and 2.6 billion yuan [2] Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 2.415 billion, 2.942 billion, and 3.531 billion yuan, respectively, with year-on-year growth rates of 47.7%, 21.8%, and 20.0% [3] - The net profit attributable to the parent company is forecasted to be 352 million, 440 million, and 550 million yuan for the years 2024, 2025, and 2026, with corresponding growth rates of 20.2%, 25.0%, and 24.9% [3] Market Expansion - In 2023, the company expanded its hospital channels by over 700 new hospitals and developed additional OTC channels, including 15 major chain pharmacies and 600 small and medium-sized chain pharmacies [2] - The "Kaitoujian" product series has been widely adopted, covering over 334 cities and 2,355 counties, with extensive distribution across various medical and retail outlets [1][2]