CDMO板块稳健增长，利润端短期承压

Investment Rating - The report maintains a "Buy" rating for the company [14] Core Views - The CDMO sector shows steady growth, but profit margins are under short-term pressure due to various factors [1] - The company reported a revenue of 1.73 billion yuan in 2023, a year-on-year increase of 8.2%, but the net profit attributable to shareholders decreased by 37.2% to 200 million yuan [1][2] - The first quarter of 2024 saw a revenue of 377 million yuan, a year-on-year decline of 1.56%, with a net profit of 49.49 million yuan, down 14.32% [1] - The company is focusing on building an efficient innovation cooperation platform and integrated CRDMO services, with significant growth in drug research and development services [1] Financial Performance Summary - In 2023, the company achieved a revenue of 1.73 billion yuan, with a growth rate of 8.2% year-on-year [2] - The net profit attributable to shareholders for 2023 was 197 million yuan, reflecting a decline of 37.2% [2] - The projected revenues for 2024-2026 are 1.96 billion yuan, 2.26 billion yuan, and 2.64 billion yuan, with respective growth rates of 13.4%, 15.7%, and 16.5% [2] - The expected net profits for 2024-2026 are 235 million yuan, 297 million yuan, and 378 million yuan, with growth rates of 19.3%, 26.1%, and 27.2% [2] Business Segments Summary - The drug research segment generated 350 million yuan in revenue in 2023, with a gross margin of 70.4% [1] - The drug development and commercialization segment achieved 1.38 billion yuan in revenue, with a gross margin of 35.5% [1] - The company has expanded its customer base, with 744 active clients in 2023, an increase of 8.8% year-on-year [1]