SYNERGY(300636) 中泰证券·2024-05-13 02:30Investment Rating - Buy (maintained) [1] Core Views - The company's Q1 2024 performance is strong, with significant profit growth driven by new product demand and cost control [6] - New products and capacity release are expected to drive rapid growth in the next 3-5 years [6] - The company's API and CDMO businesses are showing promising growth, with new products and international market expansion [6] Financial Performance and Valuation - Revenue is projected to grow from 722.14 million in 2023 to 1,620.30 million in 2026, with a CAGR of 30.01% [2] - Net profit is expected to increase from 105.98 million in 2023 to 353.04 million in 2026, with a CAGR of 40.55% [2] - EPS is forecasted to rise from 0.25 in 2023 to 0.83 in 2026 [2] - P/E ratio is expected to decrease from 44.40 in 2023 to 13.33 in 2026, indicating improving valuation [2] Business Segments - API business: Revenue grew by 18.33% in 2023, with new products like Vildagliptin and Febuxostat gaining approvals [6] - CDMO business: Revenue increased by 31.28% in 2023, with 3 intermediates entering commercial production [6] - International markets: The company has secured approvals in Europe, Korea, and Russia, with more products expected to enter these markets [6] Operational Highlights - Gross margin remained stable at 33.30% in 2023, with a slight increase to 36.67% in Q1 2024 [6] - Expense ratios have declined, with total expense ratio dropping to 4.24% in Q1 2024 [6] - R&D investment accounted for 8.75% of revenue in 2023, with a slight decrease in Q1 2024 [6] Future Outlook - The company is expected to benefit from global patent expirations, with new products and capacity driving growth [6] - Revenue and net profit are projected to grow significantly from 2024 to 2026, with strong CAGR in both metrics [2][6] - The company's valuation metrics (P/E, P/B) are expected to improve, making it an attractive investment [2]