Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 12.02 billion yuan, reflecting a year-on-year increase of 4.77%. However, the net profit attributable to the parent company is expected to decline by 2.29% to 1.03 billion yuan [4][5] - The CDMO (Contract Development and Manufacturing Organization) projects are growing rapidly, with a total of 1,601 quoted projects, a year-on-year increase of 77%, and 996 ongoing projects, a 35% increase year-on-year [5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards, now expecting net profits of 1.18 billion yuan and 1.37 billion yuan respectively, while maintaining a high valuation attractiveness with a current PE ratio of 15.4 for 2025 [4][5] Financial Summary - In 2024, the company achieved a revenue of 120.22 billion yuan, with a gross margin of 23.85% and a net margin of 8.57% [4] - The CDMO business revenue for 2024 is reported at 18.84 billion yuan, with a gross margin of 41.06% [5] - The raw material drug intermediate business revenue is 86.51 billion yuan, showing an 8.3% increase year-on-year, while the formulation business revenue is 12.56 billion yuan, a slight increase of 0.5% [6] - The company’s projected revenues for 2025, 2026, and 2027 are 136.51 billion yuan, 155.40 billion yuan, and 177.18 billion yuan respectively, with corresponding net profits of 1.18 billion yuan, 1.37 billion yuan, and 1.65 billion yuan [8]