业绩维持高速增长，自研转化成果不断展现

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 92.00, compared to the last closing price of 75.41 [1][4]. Core Insights - The company has demonstrated robust growth in performance, with significant results from self-research and transformation efforts [11][18]. - The company reported a revenue of 1.017 billion yuan for 2023, reflecting a year-on-year growth of 67.51%, and a net profit of 272 million yuan, up 40.07% [9]. - The company has signed new orders worth 1.36 billion yuan in 2023, marking a 35.06% increase year-on-year, with a backlog of 1.586 billion yuan, up 18.90% [9]. Financial Summary - Revenue projections for 2024-2026 are 1.4 billion, 1.909 billion, and 2.577 billion yuan, with growth rates of 37.57%, 36.38%, and 34.98% respectively [5][9]. - Net profit forecasts for the same period are 374 million, 521 million, and 705 million yuan, with growth rates of 37.60%, 39.16%, and 35.41% respectively [5][9]. - The company’s R&D expenses for 2023 were 241 million yuan, a 45.13% increase, representing 23.69% of revenue [9]. Business Performance - The clinical and CDMO business segments showed impressive growth, with revenues of 193 million and 52 million yuan, respectively, reflecting increases of 141.25% and 152.35% year-on-year [9]. - The company has successfully transformed 104 projects in 2023, generating 392 million yuan in revenue, a 77.66% increase, with a gross margin of 78.62% [9]. - The company has over 300 drug candidates in development, targeting various disease areas including respiratory, digestive, infectious, oncology, psychiatric, and cardiovascular diseases [9]. Market Position - The company is positioned to outperform the industry, with expectations of returns exceeding the CSI 300 index by more than 5% over the next six months [7]. - The stock has shown a strong performance compared to the CSI 300 index, with a notable increase in share price over the past months [2]. Conclusion - The report indicates a strong outlook for the company, driven by high growth rates in revenue and net profit, alongside a solid pipeline of projects and orders, reinforcing the "Buy" rating [1][9][11].