CCHT(SZ:000661) ZHONGTAI SECURITIES·2024-03-21 16:00Investment Rating - The report maintains a "Buy" rating for Changchun High-tech [1] Core Views - In 2023, the company achieved total revenue of 145.66 billion yuan, representing a year-on-year growth of 15.35%. The net profit attributable to shareholders was 45.32 billion yuan, up 9.48% year-on-year [6][12] - The biopharmaceutical business remains robust, with revenue from this segment reaching 129.11 billion yuan, accounting for 88.63% of total revenue, and a gross profit margin exceeding 90% [6][12] - The company plans to distribute a high dividend, proposing a cash dividend of 4.5 yuan per 10 shares for the 2023 fiscal year, which represents 39.93% of the net profit attributable to shareholders [1][6] Financial Performance Summary - Revenue Forecasts: - 2022A: 12,627.19 million yuan - 2023A: 14,566.04 million yuan - 2024E: 16,125.73 million yuan - 2025E: 17,965.85 million yuan - 2026E: 19,956.57 million yuan - Year-on-year growth rates: 2023A: 15.35%, 2024E: 10.71%, 2025E: 11.41%, 2026E: 11.08% [1] - Net Profit Forecasts: - 2022A: 4,140.11 million yuan - 2023A: 4,532.48 million yuan - 2024E: 5,023.91 million yuan - 2025E: 5,615.41 million yuan - 2026E: 6,240.95 million yuan - Year-on-year growth rates: 2023A: 9.48%, 2024E: 10.84%, 2025E: 11.77%, 2026E: 11.14% [1] - Earnings Per Share: - 2022A: 10.23 yuan - 2023A: 11.20 yuan - 2024E: 12.42 yuan - 2025E: 13.88 yuan - 2026E: 15.42 yuan [1] - Cash Flow Per Share: - 2022A: 13.78 yuan - 2023A: 18.74 yuan - 2024E: 27.22 yuan - 2025E: 36.60 yuan - 2026E: 47.19 yuan [1] - Return on Equity: - 2022A: 20% - 2023A: 18% - 2024E: 16% - 2025E: 15% - 2026E: 15% [1] - Valuation Ratios: - P/E: 2022A: 12.95, 2023A: 11.83, 2024E: 10.67, 2025E: 9.55, 2026E: 8.59 - PEG: 2022A: 1.27, 2023A: 1.25, 2024E: 0.98, 2025E: 0.81, 2026E: 0.77 - P/B: 2022A: 2.97, 2023A: 2.43, 2024E: 1.98, 2025E: 1.65, 2026E: 1.39 [1] Segment Performance - Jinsai Pharmaceutical: - In 2023, Jinsai Pharmaceutical achieved revenue of 110.84 billion yuan, a year-on-year increase of 8.48%, with a net profit of 45.14 billion yuan, up 7.05% [10][12] - Other Segments: - Baike Biological reported revenue of 18.25 billion yuan, a growth of 70.33%, and a net profit of 5.01 billion yuan, up 175.98% - Huakang Pharmaceutical achieved revenue of 7.03 billion yuan, a growth of 6.77%, with a net profit of 0.37 billion yuan, up 17.94% - Gaoxin Real Estate reported revenue of 9.15 billion yuan, a growth of 13.81%, with a net profit of 0.74 billion yuan, up 15.63% [12][16]