各板块业务稳健增长，新业务毛利率改善

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Views - The company achieved a revenue of 11.5 billion yuan in 2023, representing a year-on-year increase of 12.39%. The gross margin was 35.75%, a decrease of 0.96 percentage points year-on-year. The net profit attributable to shareholders was 1.6 billion yuan, up 16.48% year-on-year. Adjusted net profit under non-IFRS was 1.9 billion yuan, a 3.77% increase year-on-year. Excluding the impact of fair value changes in biological assets from the high base in 2022, the adjusted net profit increased by 11.37% year-on-year [1][2]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 2.978 billion yuan, a year-on-year increase of 3.99%. The net profit attributable to shareholders was 462 million yuan, up 11.74% year-on-year, while the adjusted net profit was 431 million yuan, an increase of 18.42% year-on-year. The gross margin for Q4 was 35.15%, down 2.13 percentage points year-on-year [1][2]. Business Segments - The laboratory services segment generated 6.66 billion yuan in revenue, a 9.38% increase year-on-year, with a gross margin of 44.28%. The CMC (small molecule CDMO) services segment achieved 2.71 billion yuan in revenue, up 12.64%, with a gross margin of 33.68%. The clinical research services segment saw revenue of 1.74 billion yuan, a 24.66% increase, with a gross margin of 17.05%. The large molecule and cell and gene therapy services generated 420 million yuan, a 21.06% increase, but reported a negative gross margin of -8.30% due to ongoing investments in this area [2][3]. Earnings Forecast and Valuation - The company is positioned as a leader in the global drug discovery field and is expected to maintain stable growth in its core drug discovery business. The earnings per share (EPS) forecasts for 2024-2026 are 0.96, 1.10, and 1.30 yuan, respectively. The corresponding price-to-earnings (PE) ratios are projected at 21X, 19X, and 16X for 2024 [2][3].