业绩超预期，多肽领域优势不断兑现，高增趋势有望延续

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the next 6 to 12 months compared to the benchmark index [18][29]. Core Views - The company has exceeded performance expectations, with advantages in the peptide sector continuing to materialize, and a high growth trend is expected to persist [20]. - The company anticipates a significant increase in net profit for Q1 2024, with estimates ranging from 55 million to 70 million yuan, representing a year-on-year growth of 161.74% to 233.13% [20]. - The growth in net profit is attributed to the successful commercialization of key peptide products, increased demand in the global peptide supply chain, and a strong performance in the company's small molecule CDMO services [20]. Financial Performance and Forecast - The company’s revenue is projected to grow from 1,033.55 million yuan in 2023 to 2,861.10 million yuan in 2026, with year-on-year growth rates of 58.69%, 37.10%, 41.35%, and 42.85% respectively [6]. - Net profit is expected to increase from 162.94 million yuan in 2023 to 450.78 million yuan in 2026, with growth rates of 26.20%, 35.49%, 41.26%, and 44.55% respectively [6]. - The earnings per share (EPS) is forecasted to rise from 0.76 yuan in 2023 to 2.11 yuan in 2026 [6]. Business Development - The company is focusing on its self-selected product lines, particularly in the peptide and specialty raw materials sectors, which are expected to maintain high growth rates [20]. - The company has established significant contracts with major pharmaceutical companies, ensuring a steady flow of orders and contributing to the recovery of its CDMO services [20]. - The successful launch of new production facilities is anticipated to enhance the company's capacity and support ongoing growth in its product offerings [20].