Workflow
2023年年报&2024年一季报点评:CGT CRO稳健增长,CDMO新增订单回暖改善

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [10][11]. Core Insights - The company reported a revenue of 205 million yuan in 2023, a year-on-year decrease of 29.69%, with a net profit attributable to shareholders of -128 million yuan, down 425.9% year-on-year [10]. - In Q1 2024, the company achieved a revenue of 60 million yuan, representing a year-on-year growth of 93.48%, although the net profit was still negative at -42 million yuan [10]. - The CRO segment showed stable growth with a revenue of 79 million yuan in 2023, up 20.56% year-on-year, while the CDMO segment faced challenges with a revenue of 107 million yuan, down 50.64% year-on-year [10]. - The company has made significant progress in expanding its production capacity with the operational launch of its GMP production base in Lingang, which includes a 77,000 m² precision medical industrial base and multiple production lines [10]. - R&D expenditure increased by 46.20% in 2023, totaling 50.9 million yuan, indicating a focus on enhancing core competitiveness through innovation [10]. Financial Forecasts - The forecasted revenues for 2024, 2025, and 2026 are 251 million yuan, 306 million yuan, and 371 million yuan respectively, with growth rates of 22.31%, 22.04%, and 21.40% [2][13]. - The net profit attributable to shareholders is projected to improve from -103 million yuan in 2024 to 18 million yuan in 2026 [2][13]. - The company is expected to gradually increase its capacity utilization, with a forecasted EBITDA turning positive by 2025 [10][13].