业绩持续兑现，看好公司长期成长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 58.57 CNY based on a 30x PE for 2024 [4][15]. Core Views - The company achieved a record high in both revenue and net profit for 2023, with revenue of 2.489 billion CNY, up 29.64% year-on-year, and a net profit of 717 million CNY, up 33.35% year-on-year [1][2]. - The growth in revenue is attributed to significant increases in both adsorption materials and system devices, with the former generating 1.556 billion CNY (up 13.45%) and the latter 825 million CNY (up 76.44%) [1]. - The company has been investing in R&D, with 147 million CNY spent in 2023, representing 5.93% of revenue, and a total of 463 million CNY over the past five years [2]. - The company has developed advanced products in the life sciences sector, including a new generation of alkaline-resistant proteins, enhancing its competitive edge [2]. Financial Summary - The company forecasts revenues of 3.058 billion CNY for 2024, 3.865 billion CNY for 2025, and 4.685 billion CNY for 2026, with corresponding net profits of 986 million CNY, 1.267 billion CNY, and 1.513 billion CNY respectively [2][3]. - The projected EPS for 2024, 2025, and 2026 are 1.95 CNY, 2.51 CNY, and 3.00 CNY respectively [3][12]. - The company’s gross margin improved to 48.9% in 2023, an increase of 4.88 percentage points year-on-year, driven by high-margin segments and improved cost management [1].