doubleupvideopoker| Review of Prius's (301257)2023 Annual Report and First Quarter 2024 Report: Service capabilities continue to improve and orders on hand are still sufficient

What happened: Prius recently released its first quarterly report on 2023 and 2024: revenue for 2023Doubleupvideopoker.60 million (+ 29)Doubleupvideopoker.7%)DoubleupvideopokerThis is mainly due to the gradual elimination or weakening of the interference of the external operating environment on the development of clinical trial projects, and the recovery of the project business progress; the realization of return net profit of 130 million (+ 86.1%) is mainly due to the improvement of project implementation efficiency during the reporting period; achieve non-return net profit of 110 million (+ 70.6%). 2024Q1 achieved an income of 180 million (+ 17.4%) and a net profit of 22.737 million (- 10.2%), mainly due to a large decrease in the amount of government subsidies received during the reporting period compared with the same period last year, deducting 19.57 million (+ 7.7%) of non-return net profit. The company's SMO business has achieved rapid growth, and the marketing capacity has increased the construction of SMO business income of 760 million (+ 29.7%) in 2023. Since its inception, the company has paid attention to the formulation, accumulation and updating of internal SOP, and has been established so far.DoubleupvideopokerA set of scientific and detailed SOP system documents covering more than 270 copies are used to guide and standardize employees to carry out various operations in SMO business. From the expense point of view: in 2023, the sales expenses increased by 49.3% over the same period last year, and the sales expense rate was 1.1%, mainly due to the increase in the staff and salary of the company's sales team and the increase in investment in carrying out related market activities to expand the business; the management expenses decreased by 5.4% compared with the same period last year, and the management expense rate was 5.5%, mainly due to the reduction of staff salaries and service fees. R & D expenditure increased by 7.8% compared with the same period last year, and the R & D expenditure rate was 4.6%, mainly due to the increase in R & D investment of the company. The number of projects continues to increase and the service capacity continues to strengthen. The company's 2024Q1 has participated in more than 3100 SMO projects, which is about 100 more than at the end of 2023. The number of projects implemented is 1885, an increase of 53 over the end of 2023. By the end of the 2024Q1 reporting period, the number of employees continued to increase from 4186 at the end of 2023 to 4407, including more than 4200 business staff, serving more than 930 clinical trial institutions, covering more than 1300 clinical trial institutions and covering more than 1300 cities across the country. Investment advice and profit Forecast in 2023, the company stock excluding tax contract amount is 1.881 billion yuan (+ 24.97%), the newly signed tax-free contract amount is 1.292 billion yuan (+ 23.89%), and the order is sufficient. It is estimated that the company's revenue from 2024 to 2026 will be 10.85max 1.324 billion, with a corresponding growth rate of 19.00%, 20.00% and 2200%, respectively, and the net profit from its home will be 1.59 pm, 1.93% and 236 million, respectively, with a corresponding growth rate of 18.14%, 21.25% and 22.14%, respectively, and the corresponding EPS will be 2.0010, 2.43, 2.96 yuan per share, and the corresponding PE will be 23.40, 19.30, 15.80X, respectively. Maintain a "buy" rating. The risk indicates that the industry competition aggravates the risk, the new order uncertainty risk, the medical industry investment and financing uncertainty risk, the industry policy change and so on. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.