公司简评报告：利润端符合预期，新品上市放量可期

Investment Rating - The investment rating for the company is "Buy" (maintained) based on performance review [1]. Core Views - The company's profit performance meets expectations, with overall expense control being effective. In 2023, the company achieved operating revenue of 2.456 billion yuan (+3.35%) and a net profit attributable to shareholders of 348 million yuan (+139.33%). The first quarter of 2024 saw operating revenue of 736 million yuan (+38.40%) and a net profit of 98 million yuan (+90.95%) [4]. - The sales of Ensartinib have rapidly increased, and new drug launches in 2024 are anticipated to contribute significantly to revenue. In 2023, the sales of Alectinib remained stable, while Ensartinib was included in medical insurance for both first-line and second-line indications, leading to rapid growth. The company launched two new drugs in 2023, with the third-generation EGFR-TKI, Bevacizumab, approved for both indications, and the first innovative small molecule drug for kidney cancer, Voronib, also approved [4]. - The R&D pipeline continues to advance, with both internal development and external collaborations. In 2023, the company invested 1.002 billion yuan in R&D, accounting for 40.80% of revenue. The company has over 20 projects in development, with significant progress in clinical trials for various treatments [4]. Summary by Sections Financial Performance - In 2023, the company reported total operating revenue of 2,456 million yuan, with a growth rate of 3.35%. The net profit attributable to shareholders was 348 million yuan, reflecting a growth rate of 139.33% [7]. - The company forecasts revenues of 3.064 billion yuan, 3.893 billion yuan, and 4.917 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 407 million yuan, 540 million yuan, and 711 million yuan [5][8]. R&D and Product Pipeline - The company has a robust R&D pipeline with over 20 projects, and R&D expenses accounted for 40.80% of revenue in 2023. The company is actively pursuing collaborations to enhance its product offerings [4][5]. Market Position and Future Outlook - The company is well-positioned in the market with a diverse product pipeline and strong growth potential from new drug launches. The anticipated revenue growth from new products and effective expense management supports a positive outlook for the company [4][5].