康恩贝：冬去春已来，大品牌大品种领航发展

Investment Rating - The report assigns an "Outperform" rating to the company [17]. Core Viewpoints - The company focuses on the pharmaceutical health sector, primarily engaged in the research, manufacturing, and sales of medicines and health products, with a strategic emphasis on traditional Chinese medicine and health products [3][27]. - The company has undergone significant restructuring since the entry of state-owned capital, optimizing its business structure and focusing on the traditional Chinese medicine health industry [27][62]. - The company has achieved stable growth in its main business, with a reported revenue of 6.733 billion yuan in 2023, reflecting a year-on-year increase of 12.20% [27][88]. Summary by Relevant Sections Business Strategy - The company has adopted a "one body, two wings" product strategy, focusing on a full range of traditional Chinese medicine products while also developing specialty chemical drugs and health consumer products [21][66]. - The company has successfully cultivated multiple well-known brands, with 17 product series achieving over 100 million yuan in sales in 2023, contributing to 68.6% of total revenue [21][66]. Financial Performance - The company forecasts net profits of 747 million yuan, 837 million yuan, and 956 million yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.29 yuan, 0.33 yuan, and 0.37 yuan [22]. - The company reported a gross margin of 58.5% in 2023, with expectations for stability in gross margins as the business structure continues to optimize [23][67]. Research and Development - The company increased its R&D investment to 312 million yuan in 2023, accounting for 5.29% of manufacturing revenue, with a focus on innovative drug development and evidence-based medicine research [70]. - The company has a pipeline of 200 ongoing projects, with a significant portion dedicated to innovative and modified new drugs [70]. Market Position - The company ranks among the top 10 non-prescription drug manufacturers in China, with its "Kang En Bei" brand leading the market in gastrointestinal medications [79]. - The gastrointestinal medication market is projected to reach 63.32 billion yuan in 2024, with the company's products positioned to capture significant market share [79].