Bide Pharmatech (688073) 华创证券·2024-05-06 09:32Investment Rating - The investment rating for the company is "Recommended" (维持推荐) [37]. Core Insights - The company has shown improvement in operational performance, with a focus on enhancing its core advantages of "diversity, speed, quality, and cost-effectiveness" through refined management practices and strategic expansions in Germany and India [3]. - The company reported a revenue of 1.092 billion yuan in 2023, representing a year-on-year growth of 30.94%, while the net profit attributable to shareholders decreased by 24.94% to 110 million yuan [37]. - The company is expected to maintain a steady growth trajectory, with projected net profits of 142 million yuan, 190 million yuan, and 255 million yuan for 2024, 2025, and 2026, respectively, indicating growth rates of 29.5%, 33.8%, and 34.6% [44]. Financial Performance - In 2023, the company achieved a total revenue of 10.92 billion yuan, with drug molecule block business revenue at 9.45 billion yuan and scientific reagent business revenue at 1.46 billion yuan [43]. - The company's gross margin has stabilized, with strategic pricing adjustments aligning product prices with industry standards [38]. - The company’s overseas revenue reached 5.57 billion yuan in 2023, accounting for 51% of total revenue, and further increased to 56% in Q1 2024 [43]. Future Projections - The company is projected to achieve total revenues of 1.246 billion yuan in 2024, with a year-on-year growth rate of 14.1% [45]. - The earnings per share (EPS) are expected to be 1.56 yuan in 2024, increasing to 2.81 yuan by 2026 [45]. - The target price for the company's stock is set at 55 yuan, based on a 35 times price-to-earnings (PE) ratio for 2024 [44].