2023年报&2024一季报点评：紫金药剂并表出海&紫金合作快速推进

Investment Rating - The report maintains a "Buy" rating for the company [1][4][25] Core Insights - In 2023, the company achieved a revenue of 808.40 million yuan, a year-on-year increase of 47.47%, and a net profit attributable to shareholders of 90.33 million yuan, up 36.39% year-on-year [2][11] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares (including tax), with a dividend payout ratio of 52.49% [2][11] - In Q1 2024, the company reported a revenue of 104 million yuan, a 2.57% increase year-on-year, and a net profit of 79 million yuan, a significant increase of 492.69% year-on-year, largely due to the acquisition of Zijin Pharmaceutical [2][11] Revenue and Profit Analysis - The comprehensive solution business for heavy metal pollution prevention generated revenue of 460 million yuan in 2023, an increase of 88.03%, contributing 44.80% to gross profit [3][16] - Product sales reached 137 million yuan, up 41.69%, with a gross margin of 45.30% [3][12] - Operating services generated revenue of 193 million yuan, a slight decrease of 0.96%, with a gross margin of 32.78% [3][17] International Expansion - The company deepened its cooperation with Zijin, with related revenues of 281 million yuan, an increase of 84.5%, accounting for 34.7% of total revenue [4][22] - Overseas business revenue reached 85 million yuan, a staggering increase of 427.96%, representing 10.52% of total revenue [4][22] Financial Forecasts - The report adjusts the net profit forecasts for 2024 to 2026, expecting net profits of 202.13 million yuan, 214.54 million yuan, and 267.22 million yuan respectively, with year-on-year growth rates of 123.8%, 6.1%, and 24.6% [4][25] - The current market capitalization corresponds to a P/E ratio of 16, 15, and 12 for 2024, 2025, and 2026 respectively [4][25]