2023年营收增长58.69%，自主选择产品表现亮眼

Investment Rating - The report initiates coverage with a "Buy" rating [4]. Core Insights - The company achieved a revenue growth of 58.69% in 2023, driven primarily by its self-selected products, which saw a remarkable increase of 145.5% in revenue [2][7]. - The company’s gross margin improved to 60.97%, reflecting a 3.4 percentage point increase, while the net profit margin was 15.58%, down 4.24 percentage points due to high non-recurring gains in 2022 [24][32]. - The company is positioned as a leading player in the peptide raw material market, with significant advancements in production capabilities and a focus on expanding its product pipeline [36][47]. Financial Performance - In 2023, the company reported total revenue of 1.034 billion yuan, with a net profit of 163 million yuan, marking a 26.2% increase [7][23]. - The fourth quarter of 2023 saw a revenue of 324 million yuan, representing a 20.45% year-on-year growth [7][23]. - The company expects revenue growth projections of 36%, 33%, and 27% for 2024, 2025, and 2026, respectively, with net profits anticipated to grow at 35%, 40%, and 33% during the same period [25][26]. Business Segments - The self-selected products segment generated 629 million yuan in revenue, with a significant contribution from antiviral formulations, particularly oseltamivir, which saw a revenue increase of 647.5% [3][8]. - Custom products and technical services maintained stable growth, achieving revenue of 404 million yuan, up 3.1% [3][8]. Market Position and Strategy - The company has adopted a matrix business development model to enhance its market share, achieving breakthroughs in external collaborations and orders in 2023 [14][15]. - Strategic partnerships have been established, including a long-term supply contract worth 102 million USD for CDMO services with a major European pharmaceutical company [15][18]. Research and Development - The company emphasizes R&D, with a workforce of 1,545 employees, including 266 in technical R&D, reflecting a 57.4% increase in R&D personnel [22][32]. - The company has made significant investments in expanding its production capabilities, particularly in peptide synthesis technologies, achieving industry-leading production levels [47][49].