降本成效显著，VD3产业链景气低迷但高壁垒仍存

Investment Rating - The investment rating for the company is "Hold" with a target price of 11.50 CNY [9]. Core Views - The company's performance in 2023 showed a significant decline, with a revenue of 1.09 billion CNY, down 23% year-on-year, and a net profit of 192 million CNY, down 50% year-on-year [2][3]. - In Q1 2024, the company reported a revenue of 330 million CNY, an increase of 4.2% year-on-year, and a net profit of 90 million CNY, up 76% year-on-year [2][3]. - The decline in 2023 was attributed to the sluggish performance of the VD3 main business and a drop in pharmaceutical product prices, while Q1 2024 showed significant cost reduction effects [3][5]. Financial Performance Summary - For 2023, the company achieved a revenue of 1.09 billion CNY, with a net profit of 192 million CNY and a non-recurring net profit of 148 million CNY, reflecting a year-on-year decrease of 50% and 58% respectively [2][3]. - The revenue projections for 2024-2026 are 1.58 billion CNY, 2.60 billion CNY, and 3.36 billion CNY, with year-on-year growth rates of 45%, 64%, and 30% respectively [8]. - The net profit forecasts for the same period are 410 million CNY, 595 million CNY, and 791 million CNY, with growth rates of 113%, 45%, and 33% respectively [8]. Business Strategy and Developments - The company is focusing on synthetic biology projects and has established a bioengineering company to enhance its research and development efforts [4][6]. - The company is progressing with its convertible bond projects, aiming to produce 5,000 tons of VB6 and 200 tons of biotin by the end of 2024 [6]. - The VD3 main business maintains high barriers to entry and growth potential, supported by a complete industrial chain and unique production technologies [7].