Investment Rating - The investment rating for the company is "Accumulate" [18][16]. Core Views - The company achieved a revenue of 5.44 billion yuan in 2023, representing a year-on-year increase of 14.6%. Excluding specific acute respiratory disease-related products, the regular business revenue was 4.99 billion yuan, up 29.5% year-on-year [16][21]. - The overseas regular business revenue reached 3.30 billion yuan, growing by 37.1% year-on-year, while domestic regular business revenue was 1.69 billion yuan, an increase of 16.8% [16][21]. - The net profit attributable to the parent company was 1.54 billion yuan, down 24.6% year-on-year, primarily due to high-margin COVID-related product revenue in the previous year and increased expenses from team expansion [16][21]. - The company is set to launch its GMP-level production base in Suzhou in the second half of 2024, which will enhance its capacity for developing and producing GMP-grade biological reagents [16][21]. Financial Summary - The company's revenue is projected to reach 6.52 billion yuan in 2024, with a growth rate of 19.9%, and 7.78 billion yuan in 2025, with a growth rate of 19.4% [17]. - The net profit is expected to be 1.90 billion yuan in 2024 and 2.46 billion yuan in 2025, with a new forecast for 2026 net profit at 3.27 billion yuan [16][17]. - The current price-to-earnings (PE) ratios are projected to be 23x for 2024, 18x for 2025, and 14x for 2026 [16][18].
常规业务营收同比增长29.5%，苏州生产基地投产在即