生长激素收入持续增长，研发工作稳步推进

Investment Rating - The report maintains a "Buy" rating for the company [9][28]. Core Views - The company achieved a revenue of 2.866 billion RMB in 2023, representing a year-on-year growth of 23%. The net profit attributable to the parent company was 847 million RMB, up 20% year-on-year [29]. - The growth in revenue is primarily driven by the rapid increase in sales of growth hormone products, which saw a year-on-year increase of 36.24% [29]. - The company is actively investing in research and development, with R&D expenses increasing by 53.41% to 255 million RMB in 2023, supporting the development of new products and enhancing existing ones [29]. Summary by Sections Financial Performance - The company is projected to achieve net profits of 1.073 billion RMB (+27%), 1.351 billion RMB (+26%), and 1.699 billion RMB (+26%) for the years 2024 to 2026, respectively [9]. - The earnings per share (EPS) for 2024, 2025, and 2026 are expected to be 0.64 RMB, 0.81 RMB, and 1.01 RMB, corresponding to price-to-earnings (P/E) ratios of 15, 12, and 9 times [9]. Revenue and Profit Growth - The company’s revenue is expected to grow from 2.331 billion RMB in 2022 to 3.610 billion RMB in 2024, reflecting a growth rate of 25.99% [13]. - The net profit attributable to the parent company is projected to increase from 703 million RMB in 2022 to 1.073 billion RMB in 2024, with a growth rate of 26.66% [13]. R&D and Product Development - The company is focusing on the development of targeted anti-tumor drugs and has made significant progress in clinical trials for several products, including "AK2017 injection" and "AK1012 inhalation solution" [29]. - The product pipeline is expected to continue expanding, providing a solid foundation for long-term growth [29].