品牌中药OTC提价，华南市场开拓加速

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is expected to benefit from the aging population and consumption upgrade trends, focusing on the development strategy of traditional Chinese medicine and health [6] - The company has made significant breakthroughs in the South China and international markets, with expectations of over 100 million revenue from the South China market [19] - The company has adjusted the factory prices of its main traditional Chinese medicine products by an average of 9% due to rising raw material and production costs [16] Financial Summary - Revenue is projected to grow from 1,235 million yuan in 2023 to 1,822 million yuan in 2025, with year-on-year growth rates of 21% for 2023, 21% for 2024, and 22% for 2025 [1][6] - Net profit attributable to the parent company is expected to increase from 121 million yuan in 2023 to 166 million yuan in 2025, with year-on-year growth rates of 14% for 2023, 14% for 2024, and 20% for 2025 [1][6] - The company's P/E ratio is projected to decrease from 35.1 in 2023 to 25.6 in 2025, indicating an improving valuation [1][6] Market Position - The company is recognized as a quality brand in traditional Chinese medicine, having pioneered the industrialization of traditional Chinese medicine production [6] - The company is expanding its market presence in the Northwest, Southwest, East China, South China, and international markets [6][19]