20240419-东方财富证券-佐力药业-300181.SZ-2023年报_一季报点评_发挥独特优势_核心产品强劲回归_4页_475kb

ZoLi Pharmaceutical (300181) posted a robust performance in 2023, with revenue of CNY 19.42 billion (+76.1%) and net profit of CNY 3.83 billion (+4,027%). In Q1 2024, revenue rose 35.75% to CNY 6.73 billion, and net profit jumped 46.14% to CNY 1.42 billion. The Ulin series drove significant growth, led by Ulin Capsule (+43.86% in sales volume). Core products Ulin Capsule, Lingze Tablet, and Bailong Tablet are key drivers, with Ulin Capsule gaining inclusion in 9 clinical guidelines by 2023. The company also expanded its market reach via Zhore Pharmaceutical's commercial sales and strengthened its traditional medicine portfolio, including herbal granules and processed slices, with growth rates exceeding 30%. Cost controls improved, net profit margins reached 20.12% in 2023. The firm targets sustained revenue growth (CAGR of 24.4% from 2024-2026) and higher earnings, supported by its focus on unique products and efficient operations. The valuation (P/E: 19-12x) supports a "Hold" recommendation, reflecting strong market confidence in its future.