产能释放蓄力API增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [18][29]. Core Views - The company achieved a revenue of 817 million RMB in 2023, a year-on-year increase of 6.83%, and a net profit attributable to shareholders of 254 million RMB, up 7.87% year-on-year [16]. - The first quarter of 2024 saw a revenue of approximately 301 million RMB, reflecting a year-on-year growth of 14.61%, with a net profit of about 112 million RMB, increasing by 20.08% year-on-year [16]. - The company has completed the construction of seven workshops for its specialty raw materials and key intermediates projects, with several workshops in trial production or awaiting equipment installation, which will help alleviate production bottlenecks [17]. - The company is advancing its innovative drug business, with a new drug for treating ischemic stroke having completed its Phase II clinical trial and awaiting Phase III [17]. - The gross profit margin for 2023 was 55.05%, an increase of 3.55 percentage points year-on-year, while the first quarter of 2024 saw a slight decrease to 58.29% [17]. Summary by Sections Financial Performance - The company forecasts net profits of 312 million RMB, 397 million RMB, and 491 million RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 20, 16, and 13 [18][22]. - The revenue growth rates are projected at 23.93% for 2024, 26.47% for 2025, and 25.41% for 2026 [22]. Operational Analysis - The company is focusing on the internationalization of its formulation business, with its subsidiary continuing to advance high-end formulation projects [17]. - The CDMO business has seen a decline in projects from 33 in 2022 to 29 in 2023, with significant revenue drops in the neurological segment [17]. Market Position - The report highlights the company's strong cost control and product competitiveness, which have contributed to a steady increase in gross profit margins [17].