佐力药业：乌灵系列及中药饮片增速靓丽，回购股份彰显持续经营信心

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by more than 15% [11]. Core Views - The company reported a significant revenue increase of 41% year-on-year in H1 2024, achieving a total revenue of 1.428 billion yuan and a net profit attributable to shareholders of 296 million yuan, reflecting a 50% increase year-on-year [20]. - The growth is primarily driven by the strong performance of the company's Wuling series products and traditional Chinese medicine (TCM) decoction pieces, with the Wuling series revenue increasing by 29.15% year-on-year [20]. - The company is also implementing a share buyback plan to enhance employee motivation and confidence in future business prospects, with plans to repurchase shares worth between 200 million yuan and 300 million yuan [20]. Financial Summary - The company's total revenue for 2022 was 1.805 billion yuan, with a year-on-year growth rate of 23.9%. For 2023, the revenue is projected to be 1.942 billion yuan, reflecting a growth rate of 7.6% [13]. - The net profit attributable to shareholders for 2022 was 273 million yuan, with a year-on-year growth of 52.2%. The forecast for 2023 is 383 million yuan, indicating a growth of 40.3% [13]. - The gross profit margin for 2022 was 70.6%, which is expected to decrease to 68.4% in 2023 due to changes in product mix [13]. - The report forecasts that the company will achieve revenues of 2.5 billion yuan, 3.074 billion yuan, and 3.78 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 536 million yuan, 667 million yuan, and 833 million yuan [21].