Glonghui, March 15 | Huatai Securities Research Report pointed out that in '23, the revenue of New Novus (300765.SZ) declined slightly and profits maintained steady growth, mainly due to caffeine prices under pressure within 23 years, but the cost and price of raw materials fell even more, driving product gross margin optimization (gross margin of the functional ingredients sector in '23 +2.65 pct year on year). Looking ahead to 2024, considering the excellent competitive pattern of caffeine/acarbose raw materials and stable prices, combined with stable demand from Guoweikang, we are optimistic that the net profit of the company's endogenous business will increase by more than 10% year-on-year. The company was given 65 times PE for 24 years (considering the company's leading attributes and innovative drug layout in hot fields such as mRNA/GLP-1/ADC, which is a 54 times premium compared to the company's consistent forecast by Wind in 24), and the target price was 46.15 yuan to maintain “purchase.”