收入稳健增长，推进新药研发持续赋能

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company achieved a revenue of 6.56 billion yuan in Q1 2024, representing a year-on-year growth of 10.42%, and a net profit attributable to the parent company of 2.18 billion yuan, up 17.31% year-on-year [2]. - The company reported a strong performance in 2023, with total revenue of 28.66 billion yuan, a year-on-year increase of 22.94%, and a net profit of 8.47 billion yuan, up 20.47% year-on-year [2]. - The company is actively promoting its production line construction and advancing research projects, which are expected to drive steady growth in performance [2]. - The main business segment, biological products, continues to show growth, with sales of growth hormone products increasing by 36.24% year-on-year [2]. - The company has received approval for its first antibody drug, trastuzumab injection, which is expected to broaden its product pipeline in the biological products sector [2]. - The company increased its R&D investment to 255 million yuan in 2023, a year-on-year increase of 53.41%, to support high-quality development [2]. Financial Summary - Total revenue is projected to grow from 28.66 billion yuan in 2023 to 51.08 billion yuan by 2026, with corresponding net profits increasing from 8.47 billion yuan to 14.48 billion yuan [2]. - The company’s gross margin is expected to remain stable around 78% over the forecast period [2]. - The return on equity (ROE) is projected to improve from 22.7% in 2023 to 24.1% in 2026 [2]. - Earnings per share (EPS) is expected to rise from 0.51 yuan in 2023 to 0.86 yuan in 2026 [2]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 20.23 in 2023 to 11.41 in 2026, indicating potential undervaluation [2].