利润持续释放，合成生物赋能长期增长

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 10.58 CNY [4][8]. Core Insights - The company reported a total revenue of 4.823 billion CNY for 2023, representing a year-on-year growth of 26.24%, and a net profit of 941 million CNY, up 128.56% year-on-year. In Q4 2023, the net profit reached approximately 300 million CNY, marking a 279.18% increase year-on-year. For Q1 2024, the expected net profit is projected to be between 330 million to 370 million CNY, indicating a growth of 88.09% to 110.89% year-on-year [2][4]. - The continuous profit growth is attributed to the recovery in the downstream antibiotic market, the efficiency gains from synthetic biology, and reduced financial expenses due to lower interest payments and increased foreign exchange gains [2][3]. - The company has a strong synthetic biology technology platform, which is expected to deliver new product processes continuously. The industrialization bases are set to achieve large-scale production of new varieties, with several projects under construction [2][3]. Financial Performance - The company’s revenue growth rates for 2023 to 2025 are projected at 26.2%, 13.3%, and 14.4%, respectively, while net profit growth rates are expected to be 128.6%, 19.8%, and 23.2% [8][9]. - The financial metrics indicate a significant improvement in profitability, with a net profit margin projected to increase from 19.5% in 2023 to 22.2% in 2025 [9][10]. Strategic Developments - A strategic partnership with Jin Cheng Technology was established to apply artificial intelligence in the production of antibiotic intermediates, which is expected to enhance the company's R&D and industrialization capabilities [3][7]. - The company is focusing on the development of synthetic biology applications, which are anticipated to drive the optimization of fermentation processes for antibiotic intermediates [7][8]. Market Position - The total market capitalization of the company is approximately 20.81 billion CNY, with a circulating market value of about 5.74 billion CNY [4]. - The stock has shown a price range of 7.19 to 9.94 CNY over the past 12 months, indicating a relatively stable performance in the market [4].