Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady revenue growth, but profits are under short-term pressure due to the commercialization segment [1][6] - The revenue for 2023 was 490 million yuan, a year-on-year increase of 2.26%, while the net profit attributable to shareholders was 37.62 million yuan, a decline of 44% [23] - The company is expected to benefit from the recovery of overseas demand and the rapid growth of core raw material products [23] Financial Performance Summary - In Q1 2024, the company achieved revenue of 131 million yuan, a growth of 7.69%, but the net profit attributable to shareholders dropped by 75.99% year-on-year to 3.67 million yuan [23] - The company plans to adjust its profit forecasts for 2024-2025 and has introduced a new forecast for 2026, expecting net profits of 67 million yuan, 96 million yuan, and 142 million yuan for 2024, 2025, and 2026 respectively [23] - The earnings per share (EPS) are projected to be 0.62 yuan, 0.89 yuan, and 1.32 yuan for the same years, with corresponding P/E ratios of 52.5, 36.4, and 24.7 [23][25] Business Development - The drug discovery business achieved revenue of 293 million yuan in 2023, a year-on-year increase of 6.73% [24] - The company has enhanced its R&D capabilities, with R&D investment reaching 37.34 million yuan in 2023, a growth of 14.34% [24] - The company has delivered 45 candidate drug molecules to clients, with 38 of them being First-in-Class (FIC) projects, accounting for 84.44% [24] Market Strategy - The company is increasing its marketing and promotional efforts, having participated in 26 domestic and international exhibitions and forums in 2023 [24] - A new wholly-owned subsidiary, Hongbo USA, has been established to expand overseas business and deepen cooperation with international clients [24]
公司信息更新报告：营收稳健增长，利润端受商业化板块影响短期承压