Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company reported a revenue of 7.564 billion yuan in 2023, a year-on-year increase of 0.72%, and a net profit attributable to shareholders of 656 million yuan, reflecting a growth of 29.55% [1]. - In Q1 2024, the company achieved a revenue of 1.661 billion yuan, a decline of 1.5% year-on-year, but the net profit attributable to shareholders increased by 35.6% to 166 million yuan [1]. - The company is focusing on core brand operations, with the brand operation business accounting for 58.17% of total revenue in 2023, reaching 4.4 billion yuan, a growth of 18.91% [1]. - The company is entering the domestic innovative drug and medical device development market, gradually establishing its own innovation incubation platform [1]. Financial Performance Summary - The company forecasts revenues of 8.606 billion yuan in 2024, 10.073 billion yuan in 2025, and 12.469 billion yuan in 2026, with growth rates of 13.79%, 17.04%, and 23.79% respectively [3][4]. - The net profit attributable to shareholders is projected to be 850 million yuan in 2024, 1.083 billion yuan in 2025, and 1.329 billion yuan in 2026, with growth rates of 29.44%, 27.44%, and 22.73% respectively [3][4]. - The gross profit margin is expected to improve from 29.98% in 2023 to 37.60% in 2026 [3][4]. Business Structure and Strategy - The company is optimizing its business structure, with a significant focus on its core brand, DQ series, which achieved a revenue of 1.897 billion yuan in 2023, a year-on-year increase of 16.53% [1]. - The wholesale and distribution business saw a revenue of 2.774 billion yuan in 2023, a decrease of 19.23% [1]. - The company plans to continue compressing the scale of its wholesale and distribution business while enhancing its core brand operations [1].
业务结构持续优化，利润保持高增速