纳米微球领先企业，国产替代加速成长

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Viewpoints - The company focuses on the biopharmaceutical field and is a leading enterprise in high-performance nano-spheres [5] - There is strong downstream demand and significant potential for domestic substitution [5] - The company has outstanding product performance and supply chain advantages, having achieved domestic substitution ahead of competitors [5] Summary by Sections Company Overview - The company specializes in the research, large-scale production, sales, and application services of high-performance nano-sphere materials, serving clients in biopharmaceuticals, flat panel displays, analytical testing, and in vitro diagnostics [17][143] - It is one of the few companies capable of simultaneously producing both inorganic and organic high-performance nano-sphere materials at scale [17][143] Market Demand and Substitution Potential - The global chromatography filler market is steadily growing, with China's market share increasing annually [5][144] - Historically, key equipment and consumables for biopharmaceutical production in China, such as chromatography fillers and columns, have relied heavily on imports [5][144] - Recent advancements in domestic chromatography filler technology have reduced technical barriers, enhancing competitive advantages in market responsiveness and customization [5][144] Product Performance and Supply Chain - The company has overcome technical challenges in the preparation of micro-sphere materials, achieving a leading position in the domestic market with product performance exceeding the general market level [5][69] - The company has a diverse customer base and a rich project reserve, with 102 products in clinical phase III and 198 products in commercialization as of 1H23 [5][69][147] - The company is actively expanding its overseas market presence, having established subsidiaries in the United States and India for product sales and technical services [5][69][147] Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 587 million yuan, 974 million yuan, and 1.23 billion yuan for the years 2023, 2024, and 2025, respectively, with year-on-year growth rates of -16.9%, +66.1%, and +26.3% [5][148] - The projected net profit attributable to the parent company is 69 million yuan, 158 million yuan, and 280 million yuan for the same years, with year-on-year growth rates of -74.9%, +128.1%, and +77.4% [5][148]