Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4]. Core Views - The company reported a revenue of 544 million yuan in 2023, representing a year-on-year growth of 14.59%, while the net profit attributable to the parent company decreased by 24.61% to 154 million yuan [2][7]. - The first quarter of 2024 saw a revenue of 146 million yuan, a year-on-year increase of 6.67%, but the net profit attributable to the parent company dropped by 31.91% to 31 million yuan [2]. - Excluding specific acute respiratory disease-related products, the sales revenue reached 139 million yuan in Q1 2024, marking a 16% year-on-year growth [3]. Financial Performance - The company has shown a consistent growth trend in its regular business, with a 29.46% increase in sales revenue, excluding specific acute respiratory disease-related products, reaching 499 million yuan in 2023 [5][14]. - R&D expenses increased by 9.72% to 125 million yuan in 2023, with the number of R&D personnel growing by 30.69% to 247 [6]. - The revenue forecast for 2024 has been adjusted down from 863 million yuan to 626 million yuan, with the net profit forecast reduced from 345 million yuan to 172 million yuan [7]. Product Development - The company is expanding its product portfolio in cell and gene therapy, companion diagnostics, clinical sample analysis, and clinical medication monitoring [3]. - A series of recombinant proteins and unique antibodies targeting CD19, BCMA, and Her2 have been developed, with nearly 30 high-quality GMP-grade products launched [3][15]. Financial Projections - The projected revenue for 2024 is 626 million yuan, with expected growth rates of 15.23% in 2024, 21.23% in 2025, and 20.56% in 2026 [20]. - The net profit attributable to the parent company is expected to be 172 million yuan in 2024, with projections of 201 million yuan in 2025 and 233 million yuan in 2026 [20].
常规业务增长趋势较好，研发储备充分