Tianfeng Securities·2024-02-20 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [7]. Core Views - The company is well-positioned within its industry and competitive landscape, with limited expected impact from recent U.S. legislation [1]. - The company has expressed strong opposition to misleading claims made against it and is confident in its compliance with U.S. regulations, asserting no national security risks [1]. - The company has completed significant share buybacks, totaling 1 billion RMB and 1.288 billion HKD, which reflects its confidence in future growth [3]. - The company continues to lead in global pharmaceutical technology, with a projected revenue growth of 2-3% for 2023, and a 25-26% growth rate in regular business revenue excluding COVID-related projects [4]. Financial Summary - The company’s revenue for 2023 is projected at 405.06 billion RMB, with a net profit of 101.68 billion RMB, reflecting a growth rate of 15.36% [4]. - The company’s EBITDA for 2023 is estimated at 14.449 billion RMB, with a net profit margin of 25.10% [5]. - The company’s earnings per share (EPS) is expected to reach 3.44 RMB in 2023, with a price-to-earnings (P/E) ratio of 14.54 [5]. - The company’s total assets are projected to grow to 74.558 billion RMB by 2023, with a debt-to-asset ratio of 26.34% [10].