CCHT(000661) INDUSTRIAL SECURITIES·2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for Changchun High-tech [2][9] Core Views - In 2023, Changchun High-tech achieved operating revenue of 14.566 billion yuan, a year-on-year increase of 15.35%, and a net profit attributable to shareholders of 4.532 billion yuan, up 9.47% year-on-year [4][5] - The company reported a significant increase in operating cash flow, reaching 5.104 billion yuan, which is a year-on-year growth of 80.57% [4][5] - The fourth quarter of 2023 saw a substantial revenue increase of 30.30% year-on-year, with net profit rising by 36.12% [4][5] Financial Performance Summary - 2023 Financial Highlights: - Operating Revenue: 14,566 million yuan (yoy +15.35%) [2][4] - Net Profit: 4,532 million yuan (yoy +9.47%) [2][4] - Cash Flow: 5,104 million yuan (yoy +80.57%) [4][5] - 2024-2026 Forecast: - Expected Net Profit: 5,149 million yuan in 2024, 5,740 million yuan in 2025, and 6,277 million yuan in 2026 [2][9] - Corresponding PE ratios: 9.6x for 2024, 8.6x for 2025, and 7.9x for 2026 [2][9] Business Segment Performance - Subsidiary Performance: - Jinsai Pharmaceutical's revenue reached 11.084 billion yuan, with a year-on-year growth of 8.48% [5] - Baike Biological's revenue surged by 70.30% to 1.825 billion yuan, driven by the launch of the first domestic shingles vaccine [5] - Huakang Pharmaceutical and Gaoxin Real Estate also reported stable growth, with revenues of 703 million yuan and 915 million yuan, respectively [5] R&D and Product Pipeline - The company increased its R&D investment to 2.419 billion yuan, a year-on-year increase of 45.46% [6] - Key R&D projects include various formulations of recombinant human growth hormone and other innovative therapies, with several in advanced clinical trial stages [7][8] Dividend Policy - The company announced a cash dividend of 45 yuan per 10 shares for the 2023 fiscal year, reflecting its commitment to returning value to shareholders [5]