在手订单稳健增长，高分红关注股东回报

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of approximately 40.34 billion RMB in 2023, representing a year-on-year growth of 2.51%, and a net profit attributable to shareholders of approximately 9.61 billion RMB, which is a 9% increase year-on-year [1] - The company has seen a significant increase in orders, with a year-on-year growth of 18% in hand orders, excluding specific commercial production projects [1] - Revenue from U.S. clients reached 26.13 billion RMB, growing 42% year-on-year, while revenue from European clients was 4.70 billion RMB, up 12% year-on-year [1] - The company has a high customer loyalty rate, with 98% of revenue coming from existing clients, totaling 39.63 billion RMB, which is a 30% increase year-on-year [1] - The company successfully delivered over 420,000 new compounds and added 1,255 new molecules during the reporting period, contributing to revenue growth [1] - The production capacity for peptides has rapidly increased, with the number of oligonucleotide and peptide D&M molecules rising by 41% to 267, and the total volume of peptide solid-phase synthesis reactors increasing fivefold to 32,000 liters [1] - The company achieved a decrease in operating costs, with a year-on-year decline of 3.84% in operating costs, 4.18% in selling expenses, and 10.74% in R&D expenses [1] - The company plans to distribute a cash dividend of 9.8336 RMB per 10 shares to all shareholders, totaling approximately 2.88 billion RMB, with a dividend yield of about 1.8% [1] Financial Summary - The company expects net profits attributable to shareholders for 2024, 2025, and 2026 to be 10.1 billion RMB, 11.2 billion RMB, and 13 billion RMB respectively, with corresponding P/E ratios of 15, 14, and 12 times [1][4] - The revenue growth rate is projected to be 0.11% in 2024, followed by 17.38% in 2025 and 18.69% in 2026 [4] - The net profit growth rate is expected to be 6.02% in 2024, 10% in 2025, and 15.86% in 2026 [4]