SNSW(688117) KAIYUAN SECURITIES·2024-04-24 05:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved operating revenue of 435 million yuan in 2023, a year-on-year increase of 9.93%, and a net profit attributable to shareholders of 70.34 million yuan, up 9.08% year-on-year. In Q1 2024, the operating revenue reached 104 million yuan, growing by 27.65%, with a net profit of 16.47 million yuan, an increase of 17.38% year-on-year [4] - The company is optimistic about its long-term development, maintaining its profit forecast and adding a new profit forecast for 2026, expecting net profits attributable to shareholders to be 141 million yuan, 176 million yuan, and 211 million yuan for 2024, 2025, and 2026 respectively [4] - The company has successfully registered multiple peptide raw material products both domestically and internationally, and its peptide formulation products have been included in the national centralized procurement [5] Financial Performance Summary - In 2023, the formulation business generated revenue of 177 million yuan, a year-on-year increase of 31.22%. The raw material drug business generated revenue of 119 million yuan, a year-on-year decrease of 15.07% [5] - The company has mastered the large-scale production technology for 17 types of raw materials, with 13 types obtaining production licenses in China and 9 types receiving US DMF registration [5] - The financial forecast indicates that operating revenue is expected to reach 595 million yuan in 2024, with a year-on-year growth of 36.8%, and net profit attributable to shareholders is projected to be 141 million yuan, reflecting a growth of 100.4% [6]