核心品种放量显著，长期增长空间可期

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock performance that will exceed the market by more than 15% over the next 12 months [3][20]. Core Insights - The company's core business has shown significant growth, with a reported revenue of 1.036 billion yuan in 2023, representing a year-on-year increase of 59.01%. The net profit attributable to shareholders reached 161 million yuan, up 24.95% year-on-year [15][48]. - The company is focusing on optimizing resource allocation and enhancing its core business segments, establishing partnerships with high-quality pharmaceutical companies globally, and expanding its customer base in key markets [15][18]. - The company is progressing with its production capacity to meet current demands and future growth, with plans to increase GMP capacity by 400,000 liters and gradually launch new production lines [15][18]. Financial Summary - The company is projected to achieve net profits of 161 million yuan, 206 million yuan, and 273 million yuan for the years 2023, 2024, and 2025, respectively. The corresponding EPS is expected to be 0.76 yuan, 0.97 yuan, and 1.28 yuan, with PE ratios of 62.64, 49.01, and 36.96 [24][48]. - The revenue breakdown indicates a strong performance in both custom products and services, with significant growth expected in the CDMO and CMO segments [29][33]. Business Overview - The company specializes in peptide drugs and has developed a rich product pipeline targeting major diseases such as diabetes and cardiovascular diseases. It has received regulatory approvals for several of its self-developed products [27][28]. - The company has established solid partnerships with global pharmaceutical companies, providing custom development and manufacturing services for innovative drugs [28][29].