业绩稳健增长，高质量外延拓展新增长点

Investment Rating - The report maintains a "Buy" rating for China Resources Pharmaceutical (03320) with a target price of 4.9 HKD [1] Core Views - The company achieved steady revenue growth, with a 12.2% year-on-year increase in revenue to 244.704 billion HKD for 2023, and a 10.1% increase in net profit attributable to shareholders to 3.854 billion HKD [1] - The pharmaceutical segment showed strong performance, with revenue of 43.46 billion HKD, up 14.3% year-on-year, and segment profit of 12.083 billion HKD, up 20.2% [1] - The company is focusing on high-quality external expansion and internal resource integration to enhance competitive advantages in the traditional Chinese medicine and distribution sectors [1] Summary by Sections Financial Performance - In 2023, the company reported a gross profit of 38.337 billion HKD, reflecting a 14.0% increase year-on-year [1] - The revenue from the distribution segment was 202.15 billion HKD, up 11.4% year-on-year, while retail revenue reached 95.79 billion HKD, showing a significant growth of 26.2% [1] Business Segments - The traditional Chinese medicine products generated revenue of 21.593 billion HKD, up 19.7% year-on-year, while chemical drugs and biological drugs saw revenue increases of 9.4% and 12.5%, respectively [1] - The company has strengthened its market position in self-diagnosis products, achieving 19.1 billion HKD in revenue, a 17% increase year-on-year [1] Strategic Initiatives - The company completed several high-quality acquisitions in 2023, including a 28% stake in Kunming Pharmaceutical and a 51% stake in Cube Pharmaceutical, enhancing its competitive edge [1] - The company is also focusing on building a comprehensive customer platform and enhancing online sales, which saw a significant increase of 30% year-on-year in the pharmaceutical segment [1] Profit Forecast and Valuation - The profit forecast for 2024-2025 has been adjusted, with net profit estimates of 4.705 billion HKD and 5.156 billion HKD, respectively, while the 2026 forecast is set at 5.656 billion HKD [1]