剔除大订单影响主业快速增长，静待行业逐步回暖

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 84.18 CNY [1]. Core Insights - The company reported a significant decline in revenue and net profit for Q1 2024, with revenue at 1.4 billion CNY, down 37.76% year-on-year, and net profit at 282 million CNY, down 55.27% year-on-year. However, excluding the impact of large orders, the core business showed a robust growth of 15.21% year-on-year, particularly in the European and American markets, which grew by 62.80% [2]. - The company is expected to see a steady growth trajectory driven by its small molecule CDMO and emerging businesses, with projected revenues of 6.497 billion CNY, 7.818 billion CNY, and 9.833 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of -16.97%, 20.32%, and 25.79% [2]. Financial Performance Summary - Revenue and Profit Forecasts: - 2022A: Revenue 10,255.33 million CNY, Net Profit 3,301.64 million CNY - 2023A: Revenue 7,825.19 million CNY, Net Profit 2,268.81 million CNY - 2024E: Revenue 6,497.30 million CNY, Net Profit 1,252.83 million CNY - 2025E: Revenue 7,817.62 million CNY, Net Profit 1,628.92 million CNY - 2026E: Revenue 9,833.40 million CNY, Net Profit 2,053.38 million CNY [1]. - Earnings Per Share (EPS): - 2022A: 8.94 CNY - 2023A: 6.14 CNY - 2024E: 3.39 CNY - 2025E: 4.41 CNY - 2026E: 5.56 CNY [1]. - Valuation Ratios: - P/E ratios are projected to be 19.95 for 2023A, 24.83 for 2024E, and decrease to 15.15 by 2026E [1]. - P/B ratios are expected to decline from 1.78 in 2023A to 1.45 in 2026E [1]. Business Segment Performance - The small molecule CDMO business is expected to drive growth, with 28 projects in the validation phase for 2024, a 40% increase from 2023 [2]. - Emerging businesses, including chemical large molecules and clinical research services, are also anticipated to contribute positively, with a 50% increase in domestic signed orders for formulations in 2023 [2]. Market Comparison - The company's stock performance is compared against the CSI 300 index, indicating a relative performance outlook that supports the "Buy" rating [3].