2023年报及2024年一季报点评：收入增长稳健，利润短期因股权激励费用摊销承压

Investment Rating - The report maintains a "Recommended" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next 6 months [8][38]. Core Insights - The company, 诺思格, reported a revenue of 721 million yuan in 2023, representing a year-on-year growth of 13.15%. The net profit attributable to shareholders was 163 million yuan, up 43.27% year-on-year [6][8]. - In Q1 2024, the company achieved a revenue of 177 million yuan, a year-on-year increase of 10.19%, but the net profit attributable to shareholders decreased by 19.95% to 23 million yuan due to the amortization of stock incentive expenses [6][8]. - The company has seen significant growth in its clinical trial operation services and on-site management services, with revenues of 354 million yuan and 186 million yuan respectively, reflecting year-on-year growth rates of 18.32% and 20.58% [8]. - The company signed new contracts worth 976 million yuan in 2023, a 20% increase year-on-year, primarily from orders from pharmaceutical and biotechnology companies in China [8]. Financial Summary - For 2023, the total revenue was 721 million yuan with a gross margin of 39.79%, an increase of 2.94 percentage points. The net profit margin improved by 4.65 percentage points [8]. - The forecast for 2024-2026 projects net profits of 166 million yuan, 220 million yuan, and 281 million yuan respectively, with year-on-year growth rates of 2.3%, 32.2%, and 27.6% [8][13]. - The report anticipates a PE ratio of 36 for 2024, targeting a market capitalization of 6 billion yuan and a target price of 62 yuan per share [8].