Medicilon(688202) 长江证券·2024-05-20 08:32Investment Rating - The report maintains a "Buy" rating for the company [5][25]. Core Insights - The company is expected to achieve a net profit of 39 million yuan in 2025 and 214 million yuan in 2026, corresponding to a PE ratio of 123 and 22 times based on the current stock price [5]. - The company faced significant revenue and profit declines in 2023 and Q1 2024 due to various adverse factors, including a slowdown in global economic growth and increased competition in the industry [7][23]. - The company is accelerating its global expansion efforts, with initial successes in overseas markets, contributing to future performance growth [8][24]. Financial Performance Summary - In 2023, the company reported total revenue of 1.366 billion yuan, a year-on-year decrease of 17.68%. The net profit attributable to the parent company was -33.21 million yuan, down 109.82% year-on-year [7][21]. - For Q1 2024, the company achieved revenue of 260 million yuan, a decline of 42.51% year-on-year, with a net profit of -37.56 million yuan, down 136.98% year-on-year [7][21]. - The company's operational costs increased significantly due to rising expenses in R&D and fixed asset depreciation, leading to a substantial decline in profits [23]. Business Development and Strategy - The company signed new orders worth 9.68 billion yuan in drug discovery and pharmaceutical research services in 2023, and 12.32 billion yuan in the preclinical research sector [8]. - The establishment of a research laboratory in Boston, USA, marks a significant step in the company's global strategy, aiming to enhance its overseas business share [8][24]. - The company has completed a capital increase through a private placement, raising a net amount of 990 million yuan to enhance its drug discovery capabilities and expand its revenue scale [24].