CDMO业务稳健增长，持续布局新业务

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.78 CNY, based on a 17x PE for 2024 [2][10]. Core Insights - The company reported a revenue of 5.523 billion CNY in 2023, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 1.033 billion CNY, up 12.17% year-on-year [6][10]. - The CDMO (Contract Development and Manufacturing Organization) business showed robust growth, achieving a revenue of 4.079 billion CNY, a 19.40% increase year-on-year, with a gross margin of 40.34% [7][10]. - The company is actively expanding its capacity and has made significant progress in new business areas, including peptide synthesis and small nucleic acid projects [8][9]. Financial Summary - Total shares outstanding: 899.49 million; circulating shares: 898.11 million [3]. - Market capitalization of circulating A shares: 14,944.50 million CNY [3]. - Book value per share: 9.41 CNY; asset-liability ratio: 21.37% [3]. - Highest and lowest share price in the past year: 36.92 CNY and 15.49 CNY, respectively [3]. - Revenue projections for 2024-2026 are 6.299 billion CNY, 7.284 billion CNY, and 7.466 billion CNY, with corresponding growth rates of 14.03%, 15.65%, and 2.50% [10][11].