Sito Bio(300583) 民生证券·2024-04-29 13:00Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - In 2023, the company achieved a revenue of 1.28 billion yuan, a year-on-year decrease of 2.46%, while the net profit attributable to shareholders was 45.6 million yuan, an increase of 8.67% [2]. - For Q1 2024, the company reported a revenue of 244 million yuan, a year-on-year decline of 27.00%, and a net profit of 3.07 million yuan, down 80.00% year-on-year [2]. - The company is a leader in the steroid raw material drug segment and is focused on building a complete industrial chain, covering five major series of steroid raw materials [2]. - The company has obtained production licenses for nine raw materials in the high-end respiratory drug sector and is currently undergoing separate reviews for four additional raw materials [2]. - The company plans to acquire 60% of Yingu Pharmaceutical, which will enhance its clinical development capabilities and production capacity in the respiratory drug sector [2]. - The company forecasts revenues of 1.404 billion, 1.538 billion, and 1.669 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 57 million, 73 million, and 84 million yuan [2][3]. Financial Summary - The company’s revenue is projected to grow at rates of 9.70%, 9.50%, and 8.50% for the years 2024, 2025, and 2026, respectively [3]. - The net profit is expected to grow by 25.59%, 27.70%, and 15.08% for the same years [3]. - The earnings per share (EPS) is forecasted to be 0.30 yuan in 2024, 0.39 yuan in 2025, and 0.44 yuan in 2026 [3]. - The price-to-earnings (PE) ratio is projected to decrease from 57 in 2023 to 31 in 2026 [3].