Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.65 HKD, reflecting a 50x PE for 2024 [6][9]. Core Insights - The company reported a revenue of 2.124 billion CNY in 2023, a year-on-year increase of 114%, and a net profit of 284 million CNY, up 82% [2][6]. - The company has established a one-stop CRDMO platform, serving 345 clients, including 6 of the top 10 global pharmaceutical companies [3]. - The company has a robust project pipeline with 570 ongoing projects, including 427 in drug discovery and 84 in preclinical stages [4]. - Global capacity expansion is underway, with a new facility in Singapore expected to be operational by 2026 [5]. Financial Performance - Revenue projections for 2024-2026 are 3.158 billion CNY, 4.559 billion CNY, and 6.332 billion CNY, with growth rates of 48.69%, 44.36%, and 38.89% respectively [6][7]. - Adjusted net profit forecasts for the same period are 589 million CNY, 914 million CNY, and 1.328 billion CNY, with corresponding growth rates of 107.74%, 55.22%, and 45.28% [6][7]. - The company’s EPS is projected to increase from 0.49 CNY in 2024 to 1.11 CNY in 2026, indicating a 3-year CAGR of 67.32% [6][7]. Market Position - The company is positioned as a leading ADC CXO enterprise globally, benefiting from the growing demand in the ADC industry [6][7].
业绩超预期，全球产能建设持续推进