落实质量回报双提升，创新引领高质量发展

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is enhancing its R&D capabilities, leading to high-quality development. Over the past three years, the average R&D expenditure has accounted for over 10% of revenue, with an expected R&D investment of 250 million yuan in 2023, representing a year-on-year increase of approximately 27% [1] - The company is accelerating the upgrade and development of its main products, including clinical trials for new formulations and indications, with several products entering various stages of clinical trials [1] - The growth momentum of the growth hormone business is strong, driving rapid overall performance growth. The company has implemented a "Quality Return Dual Improvement" action plan to enhance operational quality and returns, promoting sustainable development [4][31] Financial Summary - For 2023, the company expects to achieve a net profit attributable to shareholders of 780 million to 920 million yuan, representing a year-on-year increase of 10.9% to 30.8% [4] - The company's revenue for Q3 2023 reached 730 million yuan, a year-on-year increase of 17.3%, with a net profit of 260 million yuan, up 3.3% [4] - The projected earnings per share (EPS) for 2023-2025 are 0.50 yuan, 0.62 yuan, and 0.77 yuan, respectively, with corresponding valuations of 19x, 15x, and 12x [5] Performance Indicators - The company's revenue is projected to grow from 2,331.06 million yuan in 2022 to 2,936.12 million yuan in 2023, reflecting a growth rate of 25.96% [17] - The net profit attributable to shareholders is expected to increase from 703.32 million yuan in 2022 to 832.34 million yuan in 2023, with a growth rate of 18.34% [17] - The return on equity (ROE) is projected to remain stable around 21% over the next few years, indicating consistent profitability [17]