公司信息更新报告：业绩增长稳健，充沛订单保障未来成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated steady revenue growth, with a reported revenue of 932 million yuan in 2023, representing a year-on-year increase of 37.76%. The net profit attributable to shareholders reached 185 million yuan, up 18.08% year-on-year [2] - The company secured new orders worth 1.504 billion yuan in 2023, a 36.50% increase year-on-year, and has a backlog of orders totaling 2.566 billion yuan, which is 28.69% higher than the previous year, providing a solid foundation for future growth [2] - The report anticipates a downward adjustment in profit forecasts for 2024-2025 due to intense competition in the pharmaceutical research sector, with new profit estimates for 2024-2026 set at 274 million, 363 million, and 472 million yuan respectively [2] Financial Performance Summary - In Q1 2024, the company achieved a revenue of 252 million yuan, reflecting an 8.53% year-on-year growth and a 5.06% quarter-on-quarter increase. The net profit attributable to shareholders was 72.75 million yuan, marking a significant year-on-year increase of 51.77% and a quarter-on-quarter increase of 431.79% [2] - The company's pharmaceutical research business generated revenue of 569 million yuan in 2023, a 28.67% increase year-on-year, with over 100 new self-research projects initiated [3] - The clinical trial and bioanalysis services segment saw revenue growth of 54.54% in 2023, reaching 362 million yuan, with a gross margin of 39.72%, up 5.44 percentage points year-on-year [4] Order and Project Development - The company has a robust pipeline with over 350 self-research projects, including 3 new drug projects that have received NMPA approval for clinical trials. Additionally, 126 drug applications are under review for market registration [3] - The company is focusing on the development of peptide and small nucleic acid drugs, with ongoing clinical trials for projects such as "STC007 injection" [3]