公司简评报告：业绩强劲增长，产销研齐头并进

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the market index [7]. Core Insights - The company's performance significantly exceeded expectations, with a revenue of 1.034 billion yuan in 2023, representing a year-on-year growth of 58.7%. The net profit attributable to shareholders was 163 million yuan, up 26.2% year-on-year, while the non-recurring net profit grew by 102.3% [5][8]. - The company is accelerating capacity expansion, with several projects coming online, including a multi-peptide raw material drug production facility and a solid dosage form production facility, which will enhance its CDMO and production capabilities [6][8]. - The self-selected products, particularly peptides and formulations, are experiencing rapid growth, with revenues from self-selected products reaching 629 million yuan, a 145.5% increase year-on-year [7][8]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 1,033.55 million yuan, with a year-on-year growth rate of 58.69%. The net profit attributable to shareholders was 162.94 million yuan, reflecting a growth of 26.2% [12]. - The gross profit margin improved to 68.05% in 2023, up from previous years, indicating better cost management and pricing power [12]. Capacity Expansion - The company has successfully launched several production facilities, including a multi-peptide raw material drug production facility and a solid dosage form production facility, which are expected to significantly increase production capacity by 2025 [6][8]. - The new facilities will support the transition of research and development processes to commercial production, enhancing the company's competitive edge in the market [6]. Research and Development - The company has a robust pipeline with 37 projects under development, including 21 raw material drug projects and 16 formulation projects. It has also secured FDA approvals for several key products [8]. - The R&D team has expanded significantly, with 266 personnel and an R&D investment of 134 million yuan, accounting for 12.93% of total revenue, which is above industry standards [8]. Business Development - The business development team has strengthened its presence in key markets, including Europe and Latin America, and has secured several strategic partnerships with major pharmaceutical companies [9]. - Notable contracts include a long-term supply agreement worth 102 million USD with a large European pharmaceutical company, set to commence in 2024 [9].