2023年年报点评：拟收购源叶生物，业绩增长可期

Investment Rating - The report assigns a "Strong Buy" rating for the company, indicating that the stock is expected to outperform the market by more than 20% in the next six months [31]. Core Views - The company has shown steady revenue growth, with a reported revenue of 400 million yuan in 2023, representing a year-on-year increase of 6.6%. However, the net profit attributable to shareholders decreased by 7.5% to 86 million yuan [4][24]. - The acquisition of Yuan Ye Biological is expected to enhance the company's product line and drive future revenue growth, with projected revenue and profit increases of 25.9% and 44.2%, respectively, post-acquisition [6][29]. - The life sciences segment has experienced a decline in demand, while the high-end chemicals segment has achieved robust growth, with a revenue increase of 14.7% to 210 million yuan in 2023 [1][4]. Summary by Sections Financial Performance - The company reported a total revenue of 400 million yuan in 2023, with a net profit of 86 million yuan, reflecting a decrease of 7.5% year-on-year. The adjusted net profit was 83 million yuan, down 3.3% [4][24]. - Quarterly revenue showed a recovery trend, with Q1 to Q4 revenues of 90 million, 100 million, 100 million, and 120 million yuan, respectively [24]. Revenue Forecast - The company forecasts earnings per share (EPS) of 0.72 yuan, 0.92 yuan, and 1.15 yuan for 2024, 2025, and 2026, respectively [5][26]. - Revenue growth is expected to accelerate, with projected increases of 26% in 2024 and 23% in both 2025 and 2026 [26][29]. Segment Analysis - The high-end chemicals segment achieved a revenue of 210 million yuan in 2023, growing by 14.7%, while the life sciences segment saw a revenue of 96 million yuan, declining by 11% due to reduced industry demand [1][4]. - The experimental consumables segment reported a revenue of 8 million yuan, with a growth rate of 15% [1]. Acquisition Impact - The acquisition of Yuan Ye Biological for 181 million yuan is anticipated to broaden the product portfolio and enhance revenue streams, with a commitment from Yuan Ye to achieve a minimum of 33 million, 40 million, and 47 million yuan in net profit for 2024, 2025, and 2026, respectively [6][29].