新签订单快速增长，Q1利润端超出预期

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved a revenue of 930 million yuan in 2023, representing a year-on-year growth of 37.76%, and a net profit attributable to shareholders of 180 million yuan, up 18.08% year-on-year [2]. - The company signed new orders worth 1.504 billion yuan in 2023, a 36.50% increase year-on-year, indicating a strong order intake despite some challenges in customer payments [2]. - The company is actively expanding its business areas, with significant growth in its pharmaceutical research services and clinical trial services, achieving revenues of 570 million yuan and 360 million yuan respectively in 2023 [2]. - The company has increased its R&D investment, with R&D expenses reaching 120 million yuan in 2023, a 37.91% increase year-on-year, and has made progress in its self-developed drug pipeline [2]. Financial Summary - The company forecasts net profits of 259 million yuan, 357 million yuan, and 482 million yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 40.4%, 37.7%, and 35.0% [2][14]. - The current price-to-earnings (P/E) ratios are projected to be 23X, 17X, and 12X for the years 2024, 2025, and 2026 respectively [2][14]. - The company reported a net profit margin of 19.8% in 2023, with expectations for gradual improvement in the coming years [14].