Gelonghui, May 22 丨 Guoxin Securities Research Report pointed out that in the face of the changing external environment, Chutian Technology (300358.SZ) maintained positive revenue/profit growth in 2022 and 2023Q1. Among them, the aseptic formulation and bioengineering sectors performed well, with revenue of 882 million yuan (+48.58%) /663 million yuan (+171.25%) respectively in 2022. The economic situation is declining, competition continues to intensify. As the internal and external environment stabilizes, gross margin is expected to stabilize. The company continues to increase investment in R&D to save energy for R&D and launch of new products. Breakthroughs were achieved in many product lines in 2022. In terms of bioengineering, products such as one-time reaction systems and consumable fillers were launched, which were used and verified by a wide range of customers, and zero order breakthroughs were achieved. Under the challenge of the external situation, the company has continuously improved its manufacturing delivery and quality assurance capabilities, maintained steady growth in performance, lowered its 2023/2024 profit forecast and added a profit forecast for 2025. The estimated net profit for 2023-2025 is 707/856/1,009 million yuan (originally 2023/2024 837/1,010 million yuan), with a year-on-year growth rate of 24.61%/21.09%/17.86%. The current stock price corresponds to PE = 12/10/9x. As the product line expands and matures, it is expected to provide a new engine for the company after the vaccine equipment dividend has passed, helping the company to stabilize high-quality growth and maintain “buying”.