收入稳健符合预期，新业务亏损影响利润，静待投融资回暖

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a steady revenue growth of 12.39% year-on-year, reaching 11.54 billion yuan in 2023, with a net profit of 1.60 billion yuan, up 16.48% year-on-year [1][2] - New business segments are currently in the layout phase and are incurring losses, which has slowed the growth rate of non-GAAP net profit compared to revenue growth [1] - The company is expected to benefit from the completion of new facilities and ongoing projects, which will enhance its service capabilities in drug safety evaluation and pharmacology [1] Summary by Sections Revenue and Profitability - In 2023, the company achieved operating revenue of 11.54 billion yuan, a 12.39% increase year-on-year, and a net profit attributable to shareholders of 1.60 billion yuan, a 16.48% increase year-on-year [1][2] - The adjusted non-GAAP net profit was 1.90 billion yuan, reflecting a 3.77% increase year-on-year, and a growth of 11.37% when excluding the high base effect from fair value changes in biological assets [1] Business Segments Performance 1. Laboratory Services: Revenue reached 6.66 billion yuan, up 9.38% year-on-year, with a gross margin of 44.28% [1] 2. CMC Services: Revenue was 2.71 billion yuan, a 12.64% increase year-on-year, with a gross margin of 33.68% [1] 3. Clinical Research Services: Revenue grew by 24.66% year-on-year to 1.74 billion yuan, with a gross margin of 17.05% [1] 4. Large Molecule and Cell & Gene Therapy Services: Revenue was 425 million yuan, up 21.06% year-on-year, but with a negative gross margin of -8.3% [1] Future Outlook - The company expects a compound annual growth rate (CAGR) of 10-15% in revenue, down from previous estimates of over 25%, due to a cooling phase in the biopharmaceutical investment environment [1] - Profit growth is anticipated to lag behind revenue growth in 2024 due to ongoing losses in new business segments [1] Financial Projections - The forecast for net profit attributable to shareholders for 2024-2026 is 1.72 billion yuan, 1.99 billion yuan, and 2.34 billion yuan, representing year-on-year growth rates of 7.2%, 15.8%, and 17.6% respectively [1][2]