临床CRO龙头，期待创新药行业边际变化带来景气度改善

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is a leader in the Clinical Research Organization (CRO) sector, with expectations for improved industry conditions driven by changes in the innovative drug sector [6][9] - In 2023, the company reported operating revenue of 7.384 billion yuan, a year-on-year increase of 4.21%, while the net profit attributable to the parent company was 2.025 billion yuan, up 0.91% year-on-year [6][8] - The company aims to enhance its integrated R&D service platform and expand its global presence, with a focus on regulatory changes and technological innovations [9] Financial Performance Summary - In 2023, the company had a total revenue of 7.384 billion yuan, with a year-on-year growth of 4.21% [6] - The net profit for 2023 was 2.025 billion yuan, reflecting a slight increase of 0.91% year-on-year, while the net profit excluding non-recurring items was 1.477 billion yuan, down 4.05% [6][8] - The company’s gross margin for 2023 was 38.6%, slightly down from 39.6% in 2022 [8][12] Business Segments - The main business segments include Clinical Trial Technical Services, which generated revenue of 4.168 billion yuan, a year-on-year increase of 1.04%, and Clinical Trial Related Services and Laboratory Services, which brought in 3.121 billion yuan, up 8.51% year-on-year [7][11] - The number of ongoing drug clinical research projects increased from 680 at the end of 2022 to 752 by the end of 2023 [7] - The company has expanded its global client base, increasing the number of global clients from 259 to 340, a growth of 31.27% [7] Future Outlook - The company expects to maintain high growth rates, with projected earnings per share (EPS) for 2024, 2025, and 2026 at 2.62 yuan, 3.03 yuan, and 3.54 yuan respectively [9][12] - The estimated revenue for 2024 is projected to be 8.277 billion yuan, with a year-on-year growth of 12.1% [8][12] - The company aims to achieve a reasonable valuation range of 65.50 to 78.60 yuan based on a price-to-earnings (PE) ratio of 25-30 times for 2024 [9]