前瞻布局立先发优势，销售空间逐步打开

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 53.53 CNY and a fair value of 54.96 CNY [3][21]. Core Insights - The company has achieved significant growth in revenue and profit, with a reported revenue of 1.034 billion CNY in 2023, representing a year-on-year increase of 58.69%. The net profit attributable to shareholders reached 163 million CNY, up 26.20% year-on-year, while the net profit excluding non-recurring items surged by 102.31% to 168 million CNY [2][10]. - The gross margin for the main business improved to 60.97%, an increase of 3.31% compared to the previous year, indicating a strong operational efficiency [2]. - The company is focusing on expanding its peptide business and has established strategic partnerships, including a long-term supply contract worth 102 million USD for CDMO services with a major European pharmaceutical company [24]. Financial Summary - The company reported a revenue of 1.034 billion CNY in 2023, with a growth rate of 58.7%. Projections for future revenues are 1.383 billion CNY in 2024, 1.755 billion CNY in 2025, and 2.230 billion CNY in 2026, with respective growth rates of 33.8%, 26.9%, and 27.1% [14][28]. - The EBITDA for 2023 was 338 million CNY, with forecasts of 428 million CNY in 2024, 494 million CNY in 2025, and 581 million CNY in 2026 [14]. - The net profit attributable to shareholders is projected to be 213 million CNY in 2024, 278 million CNY in 2025, and 356 million CNY in 2026, with growth rates of 30.7%, 30.5%, and 27.9% respectively [14][24]. Business Performance - The company's self-selected products have shown remarkable performance, achieving a revenue of 629 million CNY in 2023, a year-on-year increase of 145.48%. Custom products and services also saw stable growth, generating 404 million CNY in revenue, up 3.07% [10]. - The CDMO/CMO segment generated 391 million CNY in revenue with a gross margin of 55.17%, while the raw materials and intermediates business brought in 416 million CNY with a gross margin of 70.01% [10].