Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company's revenue growth is slowing down, leading to short-term profit pressure, but it is gradually entering a harvest period with increased product richness and global expansion [11]. - In 2023, the company's revenue reached 5.44 billion yuan, a year-on-year increase of 14.6%, while the net profit attributable to the parent company decreased by 24.6% [2][3]. - The company is focusing on enhancing its overseas market presence and increasing R&D investment, which has resulted in a significant rise in expenses [1][11]. Revenue and Profit Forecast - The revenue forecast for 2024-2025 has been adjusted from 6.94 billion yuan and 8.95 billion yuan to 6.50 billion yuan and 7.99 billion yuan, respectively, with an expected revenue of 9.59 billion yuan in 2026 [3]. - The net profit forecast for 2024-2025 has been revised down from 2.54 billion yuan and 3.32 billion yuan to 1.68 billion yuan and 2.16 billion yuan, respectively, with an expected net profit of 2.70 billion yuan in 2026 [3]. Financial Performance - In 2023, the company's domestic revenue was 1.69 billion yuan (up 16.8%), while international revenue was 3.58 billion yuan (up 37.0%), with the Americas contributing 2.29 billion yuan (up 29.8%) [1]. - The company's gross margin remains stable, but profits are under pressure due to increased expenses from overseas market expansion and R&D investments, which grew by 28.7% and 28.1% year-on-year in 2023 and Q1 2024, respectively [1][11]. Product and Market Development - The company has increased its SKU count by 41% in 2023, enhancing product diversity, and plans to launch a GMP-grade cytokine facility in Suzhou in the second half of 2024 [11]. - The overseas conventional business accounted for 66% of total revenue in 2023, with new subsidiaries established in Europe and Japan, and plans for overseas production bases to enhance global supply capabilities [11].
2023年报&2024一季报点评：利润短期承压，产品研发与海外市场逐步进入收获期