Jiuzhou Pharmaceutical(SH:603456) GOLDEN SUN SECURITIES·2024-04-08 16:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company achieved a revenue of 5.52 billion yuan in 2023, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 1.03 billion yuan, up 12.2% year-on-year [1] - The CDMO segment showed strong growth, with a revenue of 4.08 billion yuan, representing a year-on-year increase of 19.4%, and it now accounts for 73.9% of total revenue [1] - The project pipeline continues to expand, with 32 projects already on the market and 74 in Phase III clinical trials, contributing to stable business growth [1] - The company’s API business saw a revenue decline of 22.95% year-on-year, totaling 1.26 billion yuan, which impacted overall profitability [1] - The company’s gross profit margin improved to 37.7%, up 3 percentage points year-on-year, while the net profit margin increased to 18.7%, up 1.8 percentage points [1] Financial Summary - For 2024, the company expects revenue growth to be adjusted to 10-15%, with net profit projections for 2024-2026 at 1.21 billion yuan, 1.47 billion yuan, and 1.78 billion yuan, reflecting year-on-year growth rates of 17.3%, 21.4%, and 21.3% respectively [1][2] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 13X, 10X, and 9X respectively [1][2] - The company’s domestic revenue reached 1.1 billion yuan, a year-on-year increase of 7%, while overseas revenue was 4.31 billion yuan, up 3.7% year-on-year [1]