Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company's 2023 annual report shows revenue of 17.03 billion RMB, a year-on-year increase of 11.6%, while net profit attributable to shareholders decreased by 23.1% to 3.4 billion RMB [2] - Non-COVID revenue grew by 37.7% to 16.51 billion RMB, indicating robust growth in non-COVID projects [2] - The number of new projects reached a historical high in 2023, with a total of 132 new projects added throughout the year [2] - The company's "Winning Molecules" strategy continues to drive future revenue growth, with a backlog of approximately 20.6 billion USD in unfulfilled orders [2] - The Singapore integrated CRDMO center has commenced construction, and the Irish base is expected to achieve breakeven in 2024, indicating positive capacity ramp-up [3] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 17.03 billion RMB, with a growth rate of 11.56% [4] - The net profit attributable to shareholders was 3.4 billion RMB, reflecting a decline of 23.09% [4] - The adjusted net profit was 4.7 billion RMB, down 4.6% year-on-year [2] Revenue Breakdown - COVID-related revenue was 530 million RMB, down 83.9%, while non-COVID revenue was 16.51 billion RMB, up 37.7% [2] - Revenue from preclinical, clinical early (Phase I, II), clinical III, and commercialization stages were 5.4 billion, 3.62 billion, and 7.73 billion RMB respectively, with significant growth in clinical III and commercialization [2] Project Development - The number of new projects added in 2023 was 132, with a strong recovery in the second half of the year [2] - The company aims to increase the target for new projects in 2024 from 80 to 110 [2] Capacity and Operations - The Singapore CRDMO center will provide integrated research, development, and production services, with a planned capacity of 120,000 liters [3] - The Irish base is expected to reach breakeven in 2024, with significant commercial production demand anticipated from 2025 [3] Profit Forecast - The company forecasts net profits of 3.81 billion, 4.5 billion, and 5.29 billion RMB for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.90, 1.06, and 1.24 RMB [4][9]
业绩符合预期，新增项目数量持续修复