公司简评报告：主业表现平稳，静待边际改善

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company's main business performance remains stable, awaiting marginal improvements [2] - In 2023, the company achieved a revenue of 11.538 billion yuan, representing a year-on-year growth of 12.39%, and a net profit attributable to shareholders of 1.601 billion yuan, up 16.48% [5][6] - The laboratory services segment generated revenue of 6.660 billion yuan, with a growth rate of 9.38%, but the growth has significantly slowed compared to the first half of 2023 [5] - The CMC (Chemistry, Manufacturing, and Controls) business reported revenue of 2.711 billion yuan, growing by 12.64%, with an increase in high-value projects expected to enhance revenue and profitability [5] - The clinical research services segment saw revenue of 1.737 billion yuan, a 24.66% increase, with improved gross margins attributed to enhanced efficiency in domestic clinical CRO and SMO operations [5] - The company’s operating cash flow was strong, with a net cash flow from operating activities of 2.754 billion yuan, up 28.50% [5] - Capital expenditures (CAPEX) for 2023 were 2.865 billion yuan, maintaining a historical high, with ongoing investments in capacity expansion [5] Financial Projections - Revenue projections for 2024-2026 are 12.748 billion yuan, 14.755 billion yuan, and 16.995 billion yuan, with year-on-year growth rates of 10.5%, 15.7%, and 15.2% respectively [6][7] - Net profit attributable to shareholders is expected to be 1.715 billion yuan, 2.069 billion yuan, and 2.539 billion yuan for 2024-2026, with growth rates of 7.1%, 20.7%, and 22.7% respectively [6][7] - The price-to-earnings (PE) ratios based on the closing price as of April 10 are projected to be 20.7, 17.1, and 14.0 for 2024-2026 [6][7]