Aurisco(605116) 太平洋·2024-04-29 03:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.00, compared to the last closing price of 24.64 [1][4]. Core Views - The company's Q1 performance exceeded market expectations, driven by the accelerated growth in its formulation and peptide businesses [2][7]. - The company reported a revenue of 1.263 billion yuan for 2023, representing a year-over-year increase of 25.24%, and a net profit of 289 million yuan, up 37.19% year-over-year [2][5]. - In Q1 2024, the company achieved a revenue of 336 million yuan, reflecting an 11.08% year-over-year growth, and a net profit of 82 million yuan, which is a significant increase of 79.14% year-over-year [2][5]. Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 1.263 billion yuan and a net profit of 289 million yuan, with a net profit margin of 24.49% [2][5]. - The Q1 2024 results showed a revenue of 336 million yuan and a net profit of 82 million yuan, both marking historical highs for the respective periods [2][5]. - The gross margin for Q1 2024 was reported at 53.68% [2]. Business Segments - The raw materials and intermediates segment generated sales of 1.059 billion yuan in 2023, accounting for 84.44% of total revenue, with a gross margin of 56.74% [2]. - The formulation business, which includes the newly approved Dydrogesterone tablets, is expected to accelerate growth, having already entered 1,058 hospitals by the end of 2023 [2][5]. Growth Prospects - The peptide drug market is projected to reach 96 billion USD by 2025, indicating significant growth potential for the company [2]. - The company plans to invest 279 million yuan to establish a production line for Semaglutide raw materials, expected to commence operations in mid-2024 [2]. - The company has established strategic partnerships in the peptide and oligonucleotide sectors, enhancing its growth prospects [2].