Sun-Novo(SH:688621)2024-05-10 08:34Group 1: Business Overview - Sunshine Nuohua has gradually entered the clinical CRO business since 2016, with revenue increasing annually, although operating costs and gross margins remain lower than those of pharmaceutical research services [3][4]. - The company aims to diversify its business and enhance its competitive edge by expanding into the clinical CRO sector, which is crucial for the pharmaceutical R&D process [3][4]. Group 2: Market Potential and Strategy - The long-term consideration for entering the clinical CRO field is based on the market outlook and growth potential, as the demand for clinical CRO services is steadily increasing with the development of the domestic pharmaceutical market [3][4]. - The company plans to focus its resources on meeting domestic needs for clinical research services in both generic and innovative drugs, integrating preclinical and clinical research strategies for horizontal expansion [7][8]. Group 3: Financial Performance - In 2023, the company achieved a new order amount of CNY 1.504 billion, with a growth rate of 36.50%, and a cumulative order backlog of CNY 2.566 billion, reflecting a year-on-year increase of 28.69% [10][11]. - R&D investment in 2023 reached CNY 124 million, a year-on-year increase of 37.91%, accounting for 13.27% of revenue, indicating a commitment to maintaining technological leadership and competitiveness [11][12]. Group 4: Research and Development Focus - The company has over 350 self-initiated R&D projects, including innovative drugs, modified new drugs, and generic drugs, with a focus on pain relief, kidney disease, oncology, and other therapeutic areas [8][9]. - Sunshine Nuohua is expanding its R&D capabilities in special formulations, including peptide drugs, pediatric medications, and transdermal delivery systems, to meet diverse market demands [10][12]. Group 5: Future Outlook - The domestic CRO industry is expected to continue its growth trajectory, with increasing recognition from pharmaceutical companies and a steady rise in drug registration applications [6][7]. - The company is committed to enhancing its R&D team and capabilities to address the growing market needs and challenges in various disease areas [12].