GemPharmatech (SH:688046) KAIYUAN SECURITIES·2024-04-30 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has shown steady revenue growth driven by the gradual production of domestic and international capacities, with a focus on high-value mouse models and rapid international expansion [7][11][12] - In 2023, the company achieved operating revenue of 622 million yuan, a year-on-year increase of 20.45%, while the net profit attributable to shareholders decreased by 3.49% to 159 million yuan [7][14] - The company is expected to maintain a positive long-term outlook, with profit forecasts for 2024-2026 set at 204 million, 251 million, and 319 million yuan respectively, indicating a commitment to high-value product development and overseas market expansion [7][14] Financial Performance Summary - In Q1 2024, the company reported operating revenue of 157 million yuan, up 11.96% year-on-year, with a net profit of 29.48 million yuan, down 5.06% [7] - The company has a total market capitalization of 5.346 billion yuan and a circulating market capitalization of 2.659 billion yuan [7] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.50, 0.61, and 0.78 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.3, 21.3, and 16.8 [7][14] Business Development - The company has expanded its mouse model offerings to over 22,000 species, with an annual model creation capacity exceeding 6,000 [11] - The international market has shown significant growth, with overseas revenue reaching 92.95 million yuan in 2023, a year-on-year increase of 39.94% [12] - The company has established a business development team of nearly 90 people, serving approximately 2,300 clients domestically and over 200 clients internationally [12]