股权激励费用摊销增多，短期业绩增长承压

Investment Rating - The report assigns a "Hold" rating to the company, indicating that the investment return is expected to be within -10% to 5% relative to the performance of the CSI 300 Index [20]. Core Views - The company has shown resilience in securing new contracts, with a total of 976 million yuan in new contracts in 2023, representing a year-on-year growth of 20.01%. This growth is primarily driven by pharmaceutical and biotechnology companies in China [5][6]. - The company’s revenue for 2023 was 721 million yuan, a year-on-year increase of 13.51%, while the net profit attributable to shareholders was 163 million yuan, up 43.27% year-on-year [13]. - The report highlights that the increase in stock incentive expenses has put short-term pressure on the company's performance, particularly in Q1 2024, where net profit decreased by 19.95% year-on-year [32]. Financial Summary - The company’s main revenue is projected to grow from 638 million yuan in 2022 to 1,248 million yuan by 2026, with net profit expected to rise from 114 million yuan in 2022 to 303 million yuan in 2026 [3][24]. - The earnings per share (EPS) are forecasted to be 1.59 yuan in 2024, 2.27 yuan in 2025, and 2.85 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 28.41, 19.86, and 15.84 respectively [24][25]. - The company’s gross margin for 2023 was 39.78%, reflecting a year-on-year increase of 2.94 percentage points [13]. Business Performance - In Q1 2024, the company achieved a revenue of 177 million yuan, a year-on-year increase of 10.19%, but the net profit attributable to shareholders fell to 23 million yuan, a decrease of 19.95% [32]. - The company’s contract liabilities as of March 2024 stood at 223 million yuan, a year-on-year increase of 17.37% [5]. Market Context - The report notes that the domestic innovative drug policy support has intensified, which is expected to improve the company’s business orders. The government has included innovative drugs in its work report, and various cities have introduced supportive policies for the development of pharmaceutical innovation [6].