YILING PHARMACEUTICAL(002603) 开源证券·2024-04-30 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's short-term operating performance is under pressure, but its innovative attributes support long-term development [3] - The company achieved a revenue of 10.318 billion yuan in 2023, a year-on-year decrease of 17.67%, and a net profit attributable to shareholders of 1.352 billion yuan, down 42.76% [3] - The company is expected to see a gradual recovery in net profit, with projections of 1.450 billion yuan in 2024, 1.563 billion yuan in 2025, and 1.730 billion yuan in 2026 [3] Financial Performance Summary - In Q1 2024, the company reported a revenue of 2.523 billion yuan, a decrease of 35.89%, and a net profit of 304 million yuan, down 74.73% [3] - The gross margin for 2023 was 57.28%, a decline of 6.49 percentage points, while the net margin was 13.03%, down 5.78 percentage points [3] - The company’s R&D expense ratio was 8.27% in 2023, reflecting its commitment to innovation [3] Product Performance - Cardiovascular products generated revenue of 4.709 billion yuan in 2023, an increase of 12.71%, while respiratory products saw a significant decline in revenue by 51.90% to 3.305 billion yuan [4] - The gross margin for cardiovascular products was 58.36%, down 6.53 percentage points, while respiratory products maintained a gross margin of 69.19% [4] Innovation and Development - The company is advancing its innovative traditional Chinese medicine (TCM) products, focusing on key disease areas such as cardiovascular, respiratory, and endocrine disorders [5] - The company has successfully launched a new TCM product for diabetic retinopathy and has several products in various stages of clinical trials [5] - The company’s strategy includes a dual approach of developing generic drugs and innovative patented drugs, with a strong pipeline for future growth [5]