和元生物：CDMO业务巩固领先地位，各项业务保持稳健发展

Investment Rating - The report adjusts the investment rating to "Accumulate" [10][12] Core Views - The company reported a revenue of 205 million yuan in 2023, a year-on-year decrease of 29.69%, and a net profit attributable to the parent company of -128 million yuan, a year-on-year decline of 425.90% [1] - The CRO business continues to grow, while the CDMO business maintains its leading position [2][11] - The company has established a comprehensive production line for gene therapy vectors and various cell therapy production lines, with the first phase of capacity officially operational since September 2023 [10][26] Financial Performance Summary - In Q1 2024, the company reported a revenue of 60 million yuan, a year-on-year increase of 93.48%, but a net profit attributable to the parent company of -42 million yuan, a year-on-year decrease of 32.85% [1] - The gross margin for 2023 was -6.55%, a decrease of 50.96 percentage points year-on-year, while the net margin was -62.41%, a decrease of 75.81 percentage points year-on-year [1] - The company expects revenues of 252 million yuan, 304 million yuan, and 371 million yuan for 2024, 2025, and 2026 respectively, with net profits projected at -126 million yuan, -58 million yuan, and -15 million yuan for the same years [10][17] Business Development Summary - The company has assisted clients in obtaining 32 IND approvals in China and the US, with over 330 CDMO projects and new orders exceeding 250 million yuan [11] - The company is actively expanding its overseas market presence and increasing R&D investment [25]