收入平稳增长，创新转型成果逐渐显现

Investment Rating - The report assigns a rating of "Accumulate" for the company [2] Core Insights - The company reported a revenue of 1.18 billion yuan in 2023, representing a year-on-year increase of 15.9%, while the net profit attributable to shareholders was 200 million yuan, down 15.5% [2][8] - In Q1 2024, the company achieved a revenue of 340 million yuan, an increase of 11.5%, with a net profit of 64 million yuan, down 9.5% [2] - The revenue from the raw material drug segment grew steadily, reaching 885 million yuan, up 13.94%, while the formulation segment saw a significant increase of 37.46%, contributing 138 million yuan [2] - The company is maintaining its investment in R&D, with innovative transformation results gradually emerging [2] Financial Performance Summary - The company’s revenue is projected to grow from 1.18 billion yuan in 2023 to 1.76 billion yuan by 2026, with corresponding year-on-year growth rates of 10.4%, 14.2%, and 18.5% [8][27] - The net profit is expected to recover from 202 million yuan in 2023 to 293 million yuan in 2026, with growth rates of 13.3%, 11.8%, and 14.1% respectively [8][27] - The gross margin is forecasted to decline slightly from 55.8% in 2023 to around 53.7% by 2026 [8][27] R&D and Innovation - The company has received ethical approval for Phase II clinical trials for its innovative drug BGM0504, targeting type 2 diabetes and weight loss [2] - The company is actively pursuing new drug applications, with several products in various stages of development, including generic drugs [2] Capital Raising and Financial Strategy - The company plans to raise up to 500 million yuan through a private placement to alleviate financial pressure and optimize its capital structure [2][20]