Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and profit for 2023, driven by the strong demand for its products, particularly Semaglutide and Oseltamivir [3] - The company has achieved a remarkable growth in its core products, with Semaglutide sales increasing by 52% globally in 2023, contributing to the overall revenue growth [3] - The company is expected to continue benefiting from the expanding GLP-1 market and has made significant progress in product approvals and production capacity [3] Financial Performance Summary - For 2023, the company achieved a revenue of 1.036 billion yuan, representing a year-on-year increase of 59.01%, and a net profit of 161 million yuan, up 24.95% [3] - The net profit margin for 2023 was 15.54%, while the net profit margin after deducting non-recurring items was 16.22% [3] - The fourth quarter of 2023 saw a revenue of 327 million yuan, a year-on-year increase of 21.56%, but a net profit decrease of 9.21% [3] Product Development and Market Position - The company’s Semaglutide raw material has received FDA approval, enhancing its market position and enabling it to meet the growing demand from clients [3] - The demand for Oseltamivir has surged due to an early flu season in China, leading to increased sales for the company [3] - The company has made significant advancements in its product pipeline, with several products receiving regulatory approvals [3] Production Capacity and Infrastructure - The company operates two modern production bases, which support its ability to meet diverse client needs from clinical trials to commercial production [3] - The production capacity at the JianDe factory is set to increase significantly, with additional capacity expected to come online in 2024 [3] Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with expected net profits of 162 million yuan, 203 million yuan, and 267 million yuan for 2023, 2024, and 2025 respectively, reflecting year-on-year growth rates of 25.2%, 25.4%, and 31.9% [3]
业绩高速增长，受益于全球GLP-1市场增长，司美原料药有望持续放量