2024Q1业绩符合预期，销售费用持续优化

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of 124.30 billion yuan in 2023, a decrease of 1.58% year-on-year, and a net profit attributable to shareholders of 19.54 billion yuan, an increase of 2.32% year-on-year [5]. - For Q1 2024, the company achieved a revenue of 32.43 billion yuan, down 4.99% year-on-year, with a net profit attributable to shareholders of 6.08 billion yuan, up 4.45% year-on-year [5]. - The report forecasts EPS for 2024-2026 to be 2.32, 2.58, and 2.98 yuan respectively, corresponding to PE ratios of 17.36, 15.60, and 13.50 times [2]. Financial Summary - Major financial indicators for 2023 include: - Revenue: 12430 million yuan - Net profit: 1954 million yuan - Gross margin: 64.08% - Net margin: 15.27% [3][5]. - For 2024E, the expected revenue is 13048 million yuan, with a net profit of 2149 million yuan, reflecting a growth rate of 10.0% [3]. - The company’s gross margin is projected to be 63.9% in 2024E, slightly down from 64.1% in 2023 [3]. Business Segments - In 2023, the chemical preparation segment generated revenue of 65.71 billion yuan, a decline of 6.13% year-on-year, while the traditional Chinese medicine segment saw a revenue increase of 39.19% to 17.45 billion yuan [5]. - For Q1 2024, the chemical preparation segment's revenue was 15.86 billion yuan, down 2.31% year-on-year, while the traditional Chinese medicine segment's revenue decreased by 29.61% to 3.89 billion yuan [5]. Clinical and Product Development - The company is advancing innovative drugs and complex formulations with high barriers to entry, including the approval of Triptorelin Acetate for prostate cancer and ongoing clinical trials for other products [6].