2023年业绩快报点评：业绩短期承压，蓄力长期发展

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 1.403 billion yuan for 2023, a year-on-year decrease of 15.45%. The net profit attributable to the parent company was -30.8773 million yuan, down 109.13% year-on-year, and the net profit after deducting non-recurring gains and losses was -55.1365 million yuan, a decline of 117.95% [30]. - The company has initiated a share buyback program, having repurchased 488,426 shares, which accounts for 0.3627% of the total share capital, reflecting confidence in future development prospects [3][30]. - The company expects to achieve a net profit attributable to the parent company of 149 million yuan and 206 million yuan for 2024 and 2025, respectively, corresponding to a PE ratio of 39 times and 28 times based on the current stock price [19]. Summary by Sections Financial Performance - The company’s total revenue for 2023 is projected at 1.403 billion yuan, with a significant drop in net profit and net profit after deducting non-recurring items [30]. - The financial forecast indicates a recovery in profitability with expected net profits of 149 million yuan in 2024 and 206 million yuan in 2025 [19]. Market Environment - The domestic pharmaceutical research and development sector has not met expectations, impacting the company's revenue as it relies heavily on domestic demand for CRO services [33]. - The company is facing increased operational costs due to rising expenses in research laboratory operations, fixed asset depreciation, and human resources [10]. Strategic Initiatives - The company has completed a private placement to raise 990 million yuan, aimed at enhancing its drug discovery capabilities and expanding its service capacity [38]. - Ongoing projects include the expansion of laboratory facilities and the establishment of a new biopharmaceutical research and innovation base in Shanghai, which are expected to bolster future revenue growth [12][38].