Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company reported a revenue of 1.625 billion yuan in 2024, representing a year-on-year growth of 57.21%, and a net profit attributable to shareholders of 404.39 million yuan, which is an increase of 148.19% [8] - The revenue from the self-selected product segment grew significantly, with the peptide API segment achieving a revenue of 948 million yuan, up 127.72% [8] - The custom products segment maintained a high growth rate, with revenue reaching 494 million yuan, an increase of 22.34% [8] - The company is expected to benefit from the high demand in the peptide API industry, with projected net profits of 5.59 billion yuan in 2025 and 7.11 billion yuan in 2026 [8] Financial Summary - Total revenue forecast for 2023A is 1.034 billion yuan, increasing to 4.278 billion yuan by 2027E, with a compound annual growth rate (CAGR) of 37.74% [8] - The net profit attributable to shareholders is expected to grow from 162.94 million yuan in 2023A to 872.54 million yuan in 2027E, reflecting a CAGR of 22.74% [8] - The latest diluted EPS is projected to rise from 0.74 yuan in 2023A to 3.97 yuan in 2027E [8] - The current P/E ratio is 29.46 for 2024A, decreasing to 13.65 by 2027E [8]