扣非翻倍高增，多肽订单潜力大

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1][3]. Core Views - The company reported a revenue of 1.034 billion RMB for 2023, representing a year-on-year growth of 58.69%, and a net profit attributable to shareholders of 163 million RMB, up 26.20% year-on-year [2][3]. - The strong growth in both formulation and peptide raw materials indicates significant future order potential, with self-developed product revenue reaching 629 million RMB, a 145.48% increase year-on-year [3]. - The company has 37 ongoing projects, including 21 raw material projects and 16 formulation projects, with 12 raw materials having obtained US DMF/VMF numbers [3]. - Key future orders include collaborations with notable biopharmaceutical companies for GLP-1 innovative drug raw materials and a long-term supply contract worth 102 million USD with a large European pharmaceutical company [3]. - The company has overcome technical bottlenecks in large-scale production of long-chain peptide drugs and established a production technology platform, achieving industry-leading production capabilities [3]. Summary by Sections Performance - In 2023, the company achieved a revenue of 1.034 billion RMB, a 58.69% increase from the previous year, and a net profit of 163 million RMB, reflecting a 26.20% year-on-year growth [2][3]. - The adjusted revenue forecasts for 2024 and 2025 are 1.287 billion RMB and 1.681 billion RMB, respectively, with an expected revenue of 2.269 billion RMB in 2026 [3]. Business Development - The company has established a strong pipeline with 37 projects, including significant advancements in peptide and small nucleic acid production capabilities [3]. - The successful acquisition of FDA First Adequate Letters for key raw materials supports the company's growth strategy in meeting regulatory requirements for downstream formulation clients [3]. Profitability Forecast - The report projects a net profit of 204 million RMB for 2024, 267 million RMB for 2025, and 388 million RMB for 2026, indicating robust growth potential [3].