AHB(SH:688639)2024-04-29 12:00Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 138.25 for 2024, reflecting a 2% increase from previous estimates [3][12]. Core Insights - In 2023, the company's net profit attributable to shareholders increased by 40.32% year-over-year, reaching RMB 449 million, while revenue grew by 36.63% to RMB 1.94 billion [3][11]. - The company plans to distribute cash dividends totaling RMB 141 million in 2023, which is 31.47% of its net profit [3][11]. - The company is focusing on enhancing its R&D capabilities, having filed for 42 new invention patents and 9 utility patents in 2023 [3][12]. - The construction of new product projects is progressing, with all expected to achieve continuous mass production in 2024 [12]. - The company is advancing its internationalization strategy to better serve global customers and has refined its marketing organization [12]. - An excellence in manufacturing initiative has been launched, adopting the World Class Manufacturing (WCM) system to enhance biomanufacturing capabilities [12]. Financial Summary - The company achieved a revenue of RMB 1.94 billion in 2023, with a projected revenue of RMB 2.63 billion in 2024, RMB 3.42 billion in 2025, and RMB 4.64 billion in 2026 [4][9]. - The net profit is expected to grow to RMB 623 million in 2024, RMB 850 million in 2025, and RMB 1.145 billion in 2026, reflecting a strong growth trajectory [4][12]. - The gross margin is projected to remain stable around 40% over the next few years [4][9].