Investment Rating - The report suggests a positive outlook on the company, indicating it is undervalued and recommends active attention to its growth potential [15]. Core Insights - The company is experiencing rapid growth, particularly in overseas markets, with a strong product quality and a 100% production qualification rate [4]. - The commercial promotion of listed products is progressing smoothly, contributing to significant revenue growth [5]. - The CDMO business is advancing quickly, with a notable competitive advantage in the ADC sector [6]. Summary by Sections Company Growth and Market Potential - The company has a robust presence in both domestic and international markets, covering multiple indications such as colorectal cancer and non-small cell lung cancer, with plans for further expansion [4]. - It has initiated registration applications in 23 overseas countries, with 13 applications already accepted, aiming for approval in the first overseas market by 2024 [4]. Financial Performance - In 2023, the company reported revenues of 781 million RMB, a 77% year-on-year increase, while net losses narrowed by 25% to 37.76 million RMB [8]. - Adjusted EBITDA reached 40.04 million RMB, reflecting a 274% increase, and operating cash flow remained positive for two consecutive years [8]. CDMO Business Development - The CDMO segment generated 140 million RMB in revenue in 2023, a 94% increase year-on-year, with over 137 million RMB in hand orders and 39 new projects, 30 of which are ADC projects [7]. - The workforce in the CDMO division has grown by 34% compared to the end of 2022, with a 46% increase in the ADC CDMO team [7]. - The company has established long-term partnerships for ADC projects, enhancing its service offerings from R&D to commercialization [7].
朴欣汀快速增长，ADC CDMO业务优势明显