Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 19.00, compared to the last closing price of 15.44 [1]. Core Views - The company's Q4 performance met market expectations, although profit was temporarily under pressure due to a decline in gross margin and an increase in operating expenses [4][6]. - The company anticipates a net loss of 20-28 million yuan for 2024, a year-on-year decline of 186.94%-221.71% [4]. - The company is expected to see revenue growth in the coming years, with projections of 570 million yuan in 2024, 770 million yuan in 2025, and 1.078 billion yuan in 2026 [6]. Financial Performance Summary - For 2024, the company forecasts a revenue of 570 million yuan, a slight increase of 0.64% from 2023, while the net profit is expected to be a loss of 24 million yuan [10]. - The gross margin is projected to decline to 17.54% in 2024, with a recovery expected in subsequent years [14]. - The company’s total assets are projected to grow from 2.448 billion yuan in 2023 to 3.522 billion yuan by 2026 [14]. Production and Capacity Expansion - The company is expanding its production capacity, with significant investments leading to a fourfold increase in fixed assets compared to the previous year [5]. - New products are expected to be launched in 2025, with registration submissions planned in multiple regions including China, the US, and Europe [5]. - The company’s first phase of raw material production is expected to achieve large-scale production by 2025 [5].
共同药业：Q4业绩符合市场预期，利润端短暂承压