Jiuzhou Pharmaceutical(SH:603456) Minsheng Securities·2024-04-09 16:00Investment Rating - The report maintains a "Recommended" rating for Jiuzhou Pharmaceutical [2][6] Core Views - Jiuzhou Pharmaceutical achieved a revenue of 5.523 billion yuan in 2023, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 1.033 billion yuan, up 12.17% year-on-year [1] - The CDMO business segment showed significant growth, with revenues reaching 4.079 billion yuan, a 19.40% increase year-on-year, and a gross margin of 40.34% [1] - The company is expanding its capabilities in peptide and conjugated drug platforms, successfully delivering multiple projects [1] - Jiuzhou Pharmaceutical is enhancing its global operational capacity by constructing advanced production facilities and establishing a CRO service platform in Japan [1] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 6.323 billion yuan, 7.292 billion yuan, and 8.468 billion yuan, respectively, with growth rates of 14.5%, 15.3%, and 16.1% [2][6] - Net profit attributable to shareholders is expected to be 1.196 billion yuan in 2024, 1.386 billion yuan in 2025, and 1.616 billion yuan in 2026, with corresponding growth rates of 15.8%, 15.9%, and 16.6% [2][6] - The report anticipates a PE ratio of 13 for 2024, decreasing to 9 by 2026 [2][6]