立足儿科品牌单品，体培牛黄持续提供业绩增量

Investment Rating - Buy (首次评级) [59] Core Views - The company's pediatric products, led by Longmu Zhuanggu Granules, dominate the market, with significant growth potential in both OTC and RX segments [13][36] - The company's unique position in the production of cultured bezoar (体外培育牛黄) provides a stable and growing revenue stream [25][58] - The company's traditional Chinese medicine (TCM) products, such as Jianmin Throat Tablets and Biantong Capsules, have strong market potential and are expected to see continued growth [18][27] Financial Projections - Revenue is projected to grow at a CAGR of 16% from 2024 to 2026, reaching 65.5 billion yuan by 2026 [61] - Net profit is expected to grow at a CAGR of 20.7% from 2024 to 2026, reaching 9.1 billion yuan by 2026 [61] - The company's sales expense ratio is expected to remain stable at 32% from 2024 to 2026, while R&D expenses are projected to stay at 2% [8] Pediatric Products - Longmu Zhuanggu Granules, the company's flagship pediatric product, holds the top market share in pediatric TCM sales in China [36][124] - The company's pediatric product line, including Xiaoer Xuanfei Zhike Granules and Xiaoer Baotai Kang Granules, has shown strong growth, with a 26.6% CAGR from 2018 to 2023 [95] - The pediatric segment is expected to grow at a CAGR of 13.5% from 2024 to 2026, driven by the expansion of high-margin product lines and increased market penetration [36] TCM Products - Jianmin Throat Tablets and Biantong Capsules are exclusive products with significant market potential, expected to grow at a CAGR of 35% from 2024 to 2026 [18][27] - Qirui Weishu Capsules, a newly launched TCM innovation, achieved sales of 70 million yuan in 2023 and is expected to continue expanding rapidly [18][167] Gynecology Products - The company's gynecology product line, including Jianpi Shengxue Granules and Xiaojin Capsules, generated sales of 5.73 billion yuan in 2023 [13][168] - Jianpi Shengxue Granules/Tablets, a leading product in the anemia treatment market, saw sales grow by 17.8% in 2023 [173] Cultured Bezoar (体外培育牛黄) - The company's subsidiary, Jianmin Dapeng, is the exclusive producer of cultured bezoar, providing a stable and growing revenue stream [25][58] - The price of natural bezoar has surged, reaching 1.4 million yuan/kg in 2023, making cultured bezoar a cost-effective alternative [208] - The demand for cultured bezoar is expected to remain strong due to its stable quality and shorter production cycle compared to natural bezoar [58] Market and Industry Insights - The pediatric TCM market in China is vast, with sales exceeding 7.2 billion yuan in 2022, and the company's products hold a leading position [85][124] - The TCM market for throat and digestive disorders is also significant, with Jianmin Throat Tablets and Biantong Capsules well-positioned for growth [18][27] - The company's focus on both OTC and RX markets, along with its strong product pipeline, positions it well for continued growth in the TCM industry [19][36]