Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company achieved a revenue of 646 million yuan in 2023, representing a year-on-year increase of 12.49%. The net profit attributable to shareholders was 260 million yuan, a decrease of 14.14% year-on-year. Excluding COVID-19 related business, the non-COVID revenue was 482 million yuan, up 16.99% year-on-year [7] - The company is experiencing a steady recovery in its conventional business, with significant growth in CRO services and a strong increase in overseas revenue [8][9] - The forecast for net profit for 2024, 2025, and 2026 has been adjusted to 254 million yuan, 293 million yuan, and 311 million yuan respectively, with corresponding EPS of 1.96, 2.27, and 2.40 yuan [7] Financial Performance Summary - In 2023, the company reported a total revenue of 646 million yuan, with a year-on-year growth of 12.5%. The net profit attributable to shareholders was 260 million yuan, down 14.1% year-on-year. The gross margin was 82.1% and the net margin was 40.2% [11] - The company’s revenue is projected to reach 716 million yuan in 2024, 799 million yuan in 2025, and 900 million yuan in 2026, with respective year-on-year growth rates of 10.8%, 11.5%, and 12.7% [11] - The company’s P/E ratios for 2024, 2025, and 2026 are estimated to be 36.1, 31.3, and 29.5 respectively [11] Business Segment Performance - The CRO business generated 154 million yuan in revenue in 2023, marking a year-on-year increase of 40.49%. The company launched over 3,800 new products, bringing the total to over 71,000 available products [8] - Domestic revenue was 245 million yuan, up 9.02% year-on-year, while overseas revenue reached 146 million yuan, growing by 14.73% year-on-year [9]
公司信息更新报告：全年业绩稳健增长，常规业务恢复态势良好