生长激素板块平稳增长，大力布局非生长激素板块

Investment Rating - The report maintains a "Buy" rating for Changchun High-tech [6] Core Views - The company achieved a revenue of 14.566 billion RMB in 2023, representing a year-on-year growth of 15.35%, and a net profit attributable to shareholders of 4.532 billion RMB, up 9.47% year-on-year [5] - The growth in the growth hormone segment has stabilized, while the non-growth hormone segment is being actively developed, with significant contributions from the vaccine business [5][6] - The company plans to increase investment in the non-growth hormone segment, with a projected net profit of 5.132 billion RMB in 2024, reflecting a growth of 13.2% [6] Financial Summary - Total revenue for 2023 was 14,566 million RMB, with a year-on-year growth rate of 15.4% [7] - The net profit attributable to shareholders for 2023 was 4,532 million RMB, with a year-on-year growth rate of 9.5% [7] - The company’s earnings per share for 2023 was 11.21 RMB, with a projected increase to 12.68 RMB in 2024 [8]