肝素业务扰动业绩，核药产业链布局领先

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company reported a revenue of 3.276 billion yuan in 2023, a year-on-year decrease of 8.58%, and a net profit attributable to shareholders of 210 million yuan, down 31.75% year-on-year. The decline in performance is primarily attributed to asset impairment provisions totaling 90 million yuan in 2023. In Q1 2024, the company achieved a revenue of 647 million yuan, representing a year-on-year increase of 23.90%, and a net profit of 64 million yuan, up 28.38% year-on-year [1]. - Financial metrics for 2023 include a gross margin of 44.87% (up 1.93 percentage points), a net margin of 7.76% (down 2.09 percentage points), and a research and development expense ratio of 6.02% (up 1.46 percentage points). In Q1 2024, the gross margin was 43.79% (down 3.65 percentage points), while the net margin improved to 10.19% (up 2.79 percentage points) [1]. - The nuclear medicine segment generated revenue of 1.017 billion yuan in 2023, an increase of 11.2% year-on-year, with key products like 18F-FDG contributing 420 million yuan (up 12%) and Y-90 labeled drugs generating 100 million yuan (down 3.23%). The raw material drug segment saw revenue of 1.678 billion yuan (up 18.61%), while the formulation segment declined to 400 million yuan (down 17.20%) [1]. - The company is focused on the nuclear medicine sector, with several products in clinical registration stages, including LNC1001 for prostate cancer and 99mTc-GSA for liver function diagnosis, which is preparing for market registration [1]. - Earnings forecasts for 2024-2026 predict EPS of 0.36, 0.45, and 0.53 yuan, corresponding to PE ratios of 37.33, 29.83, and 25.53 times, respectively [1]. Financial Summary - In 2023, the company reported a gross profit margin of 44.87% and a net profit margin of 7.76%. The gross profit margin is expected to decrease to 43.79% in Q1 2024, while the net profit margin is projected to increase to 10.19% [1]. - The company’s total assets were reported at 8.529 billion yuan, with a net asset value of 5.008 billion yuan [7]. - The projected revenue growth rates for 2024-2026 are 0.1%, 9.5%, and 13.2%, respectively, with net profit growth rates of 41.8%, 25.1%, and 16.8% [14].