JOINN(SH:603127) Minsheng Securities·2024-03-30 16:00Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [24]. Core Views - The company achieved a revenue of 2.376 billion yuan in 2023, representing a year-on-year growth of 4.78%. However, the net profit attributable to shareholders decreased by 63.04% to 397 million yuan [1]. - The non-clinical research services segment remains a leader in the industry, with a revenue of 2.309 billion yuan, growing by 4.31%. The clinical business also shows improvement, with a revenue increase of 27.95% in 2023 [1]. - The company is actively expanding its domestic and international capacities, with new orders showing a recovery trend in Q4 [1]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported a revenue of 789 million yuan, down 20.39% year-on-year, and a net profit of 69 million yuan, down 84.31% [1]. - The company expects revenues of 2.379 billion yuan in 2024, with a slight growth of 0.1%, and net profits of 382 million yuan, a decrease of 3.8% [3][15]. Business Segments - The non-clinical research services segment generated a profit of 473 million yuan, despite a 17.90% decline due to increased competition [1]. - The clinical business segment achieved a revenue of 63 million yuan, with a growth rate of 27.95%, focusing on various specialized fields [1]. Market Position and Strategy - The company has over 100,000 square meters of laboratory facilities in China and the US, with ongoing expansions to enhance future business throughput [1]. - The company signed new orders worth 2.3 billion yuan in 2023, with a total backlog of 3.3 billion yuan, indicating a recovery in downstream demand [1].