Investment Rating - The investment rating for the company is "Buy" (maintained) [18] Core Insights - The company's core products have strong market competitiveness, and the construction of its own production capacity is progressing rapidly, which will empower long-term development [2] - In 2023, the company achieved operating revenue of 389 million yuan, a year-on-year decline of 13.11%, and a net profit attributable to the parent company of 99 million yuan, down 23.50% year-on-year [8][19] - The company is focusing on the peptide synthesis reagent segment, with the ability to mass-produce and stably supply over 160 products, accounting for 75% of the total [9] - The company is accelerating its own production capacity construction, with the first phase of its Anhui Haofan production base having been put into operation in August 2022, and the second phase expected to achieve trial production in February 2024 [9] Financial Performance Summary - In Q4 2023, the company achieved operating revenue of 85.16 million yuan, a year-on-year decline of 1.93% and a quarter-on-quarter decline of 8.96% [8] - The gross profit margin for Q4 was 34.32%, an increase of 1.98 percentage points quarter-on-quarter, while the net profit margin was 23.57%, up 2.01 percentage points quarter-on-quarter [8] - The company expects net profits for 2024-2026 to be 117 million, 150 million, and 189 million yuan respectively, with corresponding EPS of 1.08, 1.39, and 1.75 yuan [8][19] - The current stock price corresponds to a P/E ratio of 39.2, 30.7, and 24.3 for 2024, 2025, and 2026 respectively [8][19]
公司信息更新报告：业绩阶段性承压，自有产能逐步落地赋能中长期发展