2023年年报点评：自选业务实现高增长，签订多项GLP-1重磅合作项目

Investment Rating - The report maintains a "Recommended" rating for the company [1][8]. Core Insights - The company achieved a revenue of 1.034 billion yuan in 2023, representing a year-on-year growth of 58.69%, and a net profit attributable to shareholders of 163 million yuan, up 26.20% year-on-year [1]. - The self-selected business segment saw significant growth, with revenue reaching 629 million yuan, a 145.48% increase year-on-year, and a gross margin improvement of 3.27 percentage points to 64.43% [1]. - The company has established a robust product pipeline that meets international standards and has made substantial progress in business development, securing multiple strategic partnerships in the GLP-1 sector [1]. - The company has overcome technical bottlenecks in large-scale production of long-chain peptides, achieving production capabilities of over 10 kilograms per batch, which positions it as a leader in the industry [1]. - Future revenue projections for 2024, 2025, and 2026 are estimated at 1.442 billion, 2.006 billion, and 2.828 billion yuan, respectively, with corresponding year-on-year growth rates of 39.5%, 39.1%, and 41.0% [1]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 324 million yuan, a 20.45% increase year-on-year, while the net profit attributable to shareholders decreased by 6.17% to 71 million yuan [1]. - The company’s EBITDA for 2023 was 338 million yuan, with projections for 2024, 2025, and 2026 at 458 million, 619 million, and 833 million yuan, respectively [15]. Business Development - The company has secured 16 domestic registrations and 12 US DMF/VMF numbers for its raw materials, with significant partnerships for the supply of GLP-1 innovative drug raw materials [1]. - The company’s third-generation peptide production facility has commenced operations, with plans to expand production capacity to meet global demand for GLP-1 peptide raw materials by the end of 2025 [1]. Market Position - The company is recognized as a leader in the peptide sector in China, with a strong quality system and large-scale production capabilities, indicating a promising outlook for continued high growth in performance [1].