业绩超过预告上限，高增态势有望延续

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [3][12]. Core Views - The company has exceeded performance expectations, with a continuous high growth trend anticipated. In 2023, the company achieved a revenue of 1.036 billion yuan, representing a year-on-year growth of 59.01%, and a net profit of 161 million yuan, up 24.95% [3][19]. - The growth in revenue and net profit is primarily driven by the successful commercialization of certain peptide products and a strong demand for peptide raw materials [3][20]. - The company’s product pipeline is rich, and its C(D)MO technology platform has significant advantages, suggesting long-term growth potential through a dual-driven strategy of proprietary products and C(D)MO services [3][20]. Financial Performance and Forecast - The company’s revenue and net profit forecasts for 2023-2025 are adjusted to 1.036 billion yuan, 1.304 billion yuan, and 1.823 billion yuan, with growth rates of 59.01%, 25.88%, and 39.84% respectively. The net profit is expected to be 161 million yuan, 206 million yuan, and 301 million yuan, with growth rates of 24.95%, 27.94%, and 45.75% respectively [2][20]. - The company’s gross margin is expected to remain high, although there may be pressures on margins as the business scales [3][20]. Business Segments - The company’s self-selected products, particularly in peptides and specialty raw materials, are experiencing rapid growth, while small molecule CDMO services are gradually recovering [3][20]. - The company has established long-term partnerships with major pharmaceutical companies, securing significant contracts that bolster its recovery and growth outlook [3][20].