CCHT(000661) EBSCN·2024-03-27 16:00Investment Rating - The report maintains a "Buy" rating for Changchun High-tech [5] Core Views - The company achieved a revenue of 14.566 billion yuan in 2023, 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 [1] - The proportion of long-acting water injections in growth hormone sales has increased, leading to significant improvements in sales collection [2] - The company continues to invest heavily in R&D, with R&D expenses amounting to 2.4 billion yuan, accounting for 16.61% of revenue, indicating a steady progress in innovation transformation [2] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 14.566 billion yuan, with a net profit of 4.532 billion yuan and a basic EPS of 11.21 yuan [1] - Quarterly revenue for 2023 was 2.778 billion yuan, 3.390 billion yuan, 4.514 billion yuan, and 3.884 billion yuan, showing a strong recovery in Q4 with a 30.30% year-on-year increase [2] - The operating cash flow improved significantly, reaching 5.104 billion yuan, a year-on-year increase of 80.57% [2] R&D and Innovation - The company invested 2.4 billion yuan in R&D in 2023, with 1.7 billion yuan in expensed R&D and 700 million yuan in capitalized R&D [2] - Key projects in development include Jin Na monoclonal antibody and other injection products, with some entering the approval or Phase III clinical trial stages [2] Profit Forecast and Valuation - The net profit forecast for 2024 and 2025 has been revised down to 5.120 billion yuan and 5.820 billion yuan, respectively, reflecting a decrease of 14% and 17% from previous estimates [3] - The projected EPS for 2024, 2025, and 2026 is 12.66 yuan, 14.39 yuan, and 16.14 yuan, respectively, with corresponding P/E ratios of 10, 8, and 7 times [3]