CCHT(SZ:000661) GOLDEN SUN SECURITIES·2024-03-19 16:00Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's performance in 2023 met expectations, driven by the growth of long-acting growth hormone and the vaccine subsidiary creating a second growth engine [1][5]. - The company reported a revenue of 14.566 billion RMB in 2023, a year-on-year increase of 15.35%, and a net profit attributable to shareholders of 4.532 billion RMB, up 9.47% [1][5]. - The company plans to distribute a cash dividend of 45 RMB per 10 shares, totaling 1.81 billion RMB, with a dividend yield of 3.4% [1]. Financial Performance - In Q4 2023, the company achieved a revenue of 3.884 billion RMB, a year-on-year increase of 30.3%, and a net profit of 0.92 billion RMB, up 36.12% [1]. - The revenue breakdown by segment for 2023 includes: - Jinsai Pharmaceutical: 11.084 billion RMB (+8.48%) - Baike Biological: 1.825 billion RMB (+70.30%) - Huakang Pharmaceutical: 0.703 billion RMB (+6.73%) - Gaoxin Real Estate: 0.915 billion RMB (+13.71%) [1]. - R&D investment increased, with the R&D expense ratio at 11.83%, up 1.07 percentage points [1]. Growth Drivers - The long-acting growth hormone is expected to continue its rapid growth, with the Guangdong regional procurement expected to achieve volume growth through price adjustments [1]. - The vaccine subsidiary has received approval for the shingles vaccine, contributing to new profit growth, with further products in development [1][5]. Profit Forecast - The report adjusts profit forecasts, estimating net profits attributable to shareholders for 2024-2026 at 5.156 billion RMB, 5.908 billion RMB, and 6.706 billion RMB, with year-on-year growth rates of 13.8%, 14.6%, and 13.5% respectively [1][5]. - Corresponding P/E ratios are projected at 10x, 9x, and 8x, indicating high valuation attractiveness [1].