佐力药业：乌灵胶囊受益集采量增明显，百令系列开启新增长

Investment Rating - The report gives a "Buy" rating for the company, with a projected revenue growth of 28.86% in 2024 and a PE ratio of 20.70 [23]. Core Insights - The company's unique product, Wuling Capsule, is benefiting significantly from centralized procurement, leading to increased sales volume. The market share in urban and county-level public hospitals reached 14% and 10% respectively in 2022 [20]. - The report highlights the transition to larger packaging sizes for Wuling Capsule, which is expected to enhance sales further. The product's price was reduced by 21% under centralized procurement, making it more accessible [14][20]. - The company is also seeing growth in its second-line products, such as Lingze Tablets, which have improved their market ranking significantly in recent years [21]. Summary by Sections Wuling Series - Wuling Capsule has shown a continuous increase in usage frequency and sales amount from 2017 to 2020, maintaining a leading position in the market [11]. - The product's market share in public hospitals has been steadily increasing, with a notable rise in 2022 [14]. - The centralized procurement has allowed for a switch to larger packaging, which is expected to drive sales growth [14][15]. Bailing Series - Bailing Tablets have experienced a decline in revenue due to centralized procurement but are expected to recover as the restrictions on insurance coverage are relaxed [21]. - The introduction of Bailing Capsules is anticipated to contribute to revenue growth in 2024 [21]. Traditional Chinese Medicine - The company has seen a consistent growth rate of over 20% in its traditional Chinese medicine segment, with revenues reaching 460 million yuan in 2023 [21]. - The recovery in the Chinese medicine granule business is also noted, with a significant increase in revenue due to the completion of national and provincial standard filings [21]. Financial Projections - The company is projected to achieve revenues of 25.03 billion yuan in 2024, with a net profit of 5.30 billion yuan, reflecting a growth rate of 40.27% [24].