Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 51.73 CNY per share based on a reasonable PE of 38 times for 2024 [1][23]. Core Insights - The company reported a revenue of 544 million CNY in 2023, representing a year-on-year growth of 14.59%. However, the net profit attributable to shareholders decreased by 24.61% to 154 million CNY due to increased personnel costs and depreciation [3][21]. - The overseas conventional business continues to grow significantly, with a 37% year-on-year increase in overseas conventional business revenue, while the overall conventional business revenue (excluding specific acute respiratory disease-related products) grew by 29% [3][21]. - The company is actively expanding its clinical business, having developed nearly 30 high-quality GMP-grade products, which are expected to generate substantial demand as projects progress to clinical stages [3][21]. Financial Summary - The company’s revenue is projected to reach 630 million CNY in 2024, with a growth rate of 15.9%. The net profit is expected to recover slightly to 163 million CNY, reflecting a growth rate of 6.4% [21][22]. - The earnings per share (EPS) is forecasted to be 1.36 CNY in 2024, with a PE ratio of 32.64 [22][23]. - The gross margin for 2023 was 91.26%, with a net profit margin of 27.12%, indicating a decline in profitability primarily due to increased sales and management expenses [3][21].
海外常规业务保持高增长，积极布局临床端业务