证券研究报告 | 半年报点评 gszqdatemark 2024 09 21 年 月 日 泰格医药（300347.SZ） Q2 业绩环比改善，新签订单稳健复苏 公司发布 2024 年中报。2024H1 公司实现营业收入 33.58 亿元，同比下 降 9.50%；实现归母净利润 4.93 亿元，同比下降 64.50%；扣非归母净利 润 6.40 亿元，同比下降 19.30%。2024Q2 公司实现营业收入 16.98 亿元， 同比下降 10.92%；实现归母净利润 2.58 亿元，同比下降 68.56%，环比 提升 9.66%；扣非归母净利润 3.37 亿元，同比下降 18.19%，环比提升 11.29%。 公司项目数保持稳定增长，员工队伍提质增效：2024H1 公司现场管理团 队完成 165 个项目；为 9 个中国已获批 I 类新药提供了 SMO 现场管理服 务，正在进行的现场管理项目由 23 年末的 1952 个增至 2110 个。公司上 半年积极应对行业周期和结构性变化，新签订单数量和金额均较去年同期 实现了较好的增长。公司持续员工结构优化，2024H1 员工人数为 9348 人， 相较于 2023 年底 ...

证券代码：300347 证券简称：泰格医药 公告编码（2024）049 号 杭州泰格医药科技股份有限公司 关于召开 2024 年第三次临时股东大会的公告 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者 重大遗漏负连带责任。 一、召开会议的基本情况 1．股东大会届次：2024年第三次临时股东大会。 2．股东大会的召集人：公司董事会。 3．会议召开的合法、合规性：经公司第五届董事会第十次会议审议通过，决定召开 2024年第三次临时股东大会，召集程序符合有关法律、行政法规、部门规章、规范性文件 和公司章程的规定。 4．会议召开的日期、时间： 现场会议召开日期和时间：2024 年10 月8 日（星期二）下午15:00 点 网络投票日期和时间： 1 席现场会议； （2）网络投票：公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com.cn）向全体股东提供网络投票平台，股东可以在本公告公布的网络 投票时间内通过上述系统行使表决权； （3）同一表决权只能选择现场投票、深圳证券交易所交易系统投票、深圳证券交易所 互联网投票系统投票中的一种方式，不 ...

呈交日期: 2024年9月4日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州泰格醫藥科技股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 300347 | 說明 | | 於深圳證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 741,823,770 | RMB | | 1 RMB | | 741,823,770 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 741,823,770 | RMB | | 1 RMB | | 741,823,770 | 本月底法定/註冊股本總額： RMB ...

证券代码：300347 证券简称：泰格医药 公告编码（2024）048 号 杭州泰格医药科技股份有限公司 关于股份回购进展情况的公告 公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者 重大遗漏负连带责任。 杭州泰格医药科技股份有限公司（以下简称"公司"）分别于2024 年2 月6 日、2024 年 4 月 12 日及 2024 年 4 月 30 日召开的第五届董事会第四次会议、第五届董事会第七次 会议、2024 年第二次临时股东大会、2024 年第一次A 股类别股东会议以及2024 年第一次 H 股类别股东会议审议通过了《关于回购公司股份方案的议案》及《关于调整回购公司股 份方案的议案》。根据股份回购方案，公司计划以自有资金或自筹资金以集中竞价交易或其 他法律法规允许的方式回购部分公司A 股股份，用于后续实施股权激励或员工持股及注销 减少注册资本。本次回购股份的资金总额将不低于人民币 50,000 万元，且不超过人民币 100,000 万元；回购价格不超过 72 元/股。具体回购资金金额以回购实施完成时实际回购 的金额为准。本次回购股份实施期限为自股东大会审议通过回购股份方 ...

Investment Rating - The report assigns a "Buy" rating to Tigermed Consulting (300347 SZ) with a target price range of 49 10-57 33 yuan per share [1][8] Core Views - Tigermed's Q2 2024 performance showed sequential improvement with revenue of 1 698 billion yuan (-10 92% YoY +2 28% QoQ) and adjusted net profit of 337 million yuan (-18 19% YoY +11 29% QoQ) [5] - The company's new order intake in H1 2024 grew well benefiting from increased demand from multinational pharmaceutical companies in China and overseas clinical needs from Chinese pharmaceutical and biotech companies [8] - Tigermed's global clinical service capabilities continue to strengthen with 263 overseas projects ongoing as of June 2024 including 55 multi-regional clinical trials (MRCT) [7] Business Performance - In H1 2024 Tigermed achieved revenue of 3 358 billion yuan (-9 50% YoY) and adjusted net profit of 640 million yuan (-19 30% YoY) [5] - Clinical trial technical services revenue declined 22 17% YoY to 1 637 billion yuan due to reduced average order prices and the absence of certain vaccine project revenues from the previous year [6] - Clinical trial related services and laboratory services revenue grew 5 84% YoY to 1 659 billion yuan driven by strong demand and improved efficiency in site management services [6] International Expansion - Overseas revenue in H1 2024 was 1 474 billion yuan (-8 58% YoY) but showed growth after excluding specific vaccine project revenues from the previous year [6] - The company's overseas workforce reached 1 722 employees as of June 2024 with significant growth in North America (+10 45% YoY) and EMEA (+23 68% YoY) [6] - Tigermed completed the acquisition of Japan's Medical Edge Co Ltd in July 2024 strengthening its data management and clinical data information system services in Japan and the Asia-Pacific region [7] Financial Projections - Revenue is forecasted to grow from 7 298 billion yuan in 2024E to 9 881 billion yuan in 2026E [4] - Net profit attributable to shareholders is expected to increase from 1 248 billion yuan in 2024E to 2 542 billion yuan in 2026E [4] - EPS is projected to rise from 1 44 yuan in 2024E to 2 94 yuan in 2026E [4] Valuation - The report values Tigermed's investment business at 14 015 billion yuan based on the book value of its financial assets [8] - The clinical CRO business is valued at 28 460-35 575 billion yuan based on a 2024E PE multiple of 20-25x [8] - The combined valuation suggests a fair market capitalization range of 42 475-49 590 billion yuan for 2024 [8]

Investment Rating - The report maintains a "Recommend" rating for Tigermed (300347) with a target price of 69 CNY, compared to the current price of 48.44 CNY [1] Core Views - Tigermed's Q2 2024 performance showed sequential improvement, with revenue reaching 1.698 billion CNY, a 2.28% increase QoQ, and non-GAAP net profit of 337 million CNY, up 11.29% QoQ [1] - The company's new order trends are positive, with both the number and value of new contracts showing good YoY growth, driven by increased demand from multinational pharmaceutical companies in China and overseas clinical needs from Chinese pharmaceutical and biotech companies [2] - Tigermed's profitability remains strong, with clinical trial technical services gross margin at 38.36% and clinical trial-related and laboratory services gross margin at 39.88% in H1 2024 [2] Financial Performance - H1 2024 revenue was 3.358 billion CNY, down 9.50% YoY, with non-GAAP net profit of 640 million CNY, a 19.30% YoY decrease [1] - Revenue from clinical trial technical services was 1.637 billion CNY, down 22.17% YoY, while clinical trial-related and laboratory services revenue grew 5.84% YoY to 1.659 billion CNY [2] - Domestic revenue accounted for 1.822 billion CNY, down 11.48% YoY, while overseas revenue was 1.474 billion CNY, down 8.58% YoY, but showed positive growth excluding specific vaccine project revenues from H1 2023 [2] Business Segments - Clinical trial technical services: 1.637 billion CNY revenue in H1 2024, down 22.17% YoY [2] - Clinical trial-related and laboratory services: 1.659 billion CNY revenue in H1 2024, up 5.84% YoY, with SMO revenue showing significant growth and data statistics performing steadily [2] Regional Performance - Domestic market: 1.822 billion CNY revenue in H1 2024, down 11.48% YoY [2] - Overseas market: 1.474 billion CNY revenue in H1 2024, down 8.58% YoY, but showing positive growth excluding specific vaccine project revenues from H1 2023, with particularly strong growth in North American clinical operations [2] Future Projections - Revenue forecasts for 2024-2026 are 7.66 billion, 8.25 billion, and 9.09 billion CNY respectively [2] - Net profit attributable to parent company is projected to be 1.50 billion, 1.61 billion, and 1.89 billion CNY for 2024-2026 [2] - EPS is expected to be 1.73, 1.86, and 2.19 CNY for 2024-2026 [2] Valuation - The report values Tigermed at 60 billion CNY using discounted cash flow valuation, corresponding to a target price of 69 CNY [2] - The company's P/E ratios are projected at 28x, 26x, and 22x for 2024-2026 [3]

Investment Rating - Buy (maintained) [2] Core Views - Q2 performance showed sequential improvement with steady growth in new orders [5] - Revenue for 2024H1 was RMB 3.358 billion, down 9.50% YoY, while net profit attributable to shareholders was RMB 493 million, down 64.50% YoY [5] - Q2 revenue was RMB 1.698 billion, down 10.92% YoY but up 2.28% QoQ, with net profit attributable to shareholders at RMB 258 million, down 68.56% YoY but up 9.66% QoQ [5] - The company is actively responding to industry cyclical changes, with new orders in 2024H1 showing good growth in both quantity and value [5] - 2024-2026 net profit forecasts were revised down to RMB 1.668 billion, RMB 2.056 billion, and RMB 2.290 billion, respectively [5] Business Performance Clinical Trial Technical Services - Revenue from clinical trial technical services in 2024H1 was RMB 1.637 billion, down 22.17% YoY [6] - As of June 2024, the company had 800 ongoing drug clinical research projects, an increase of 28 YoY [6] - The company is actively developing emerging business areas such as medical device clinical research, with 567 ongoing medical device projects as of June 2024 [6] Data Statistics and SMO Business - Revenue from clinical trial-related services and laboratory services in 2024H1 was RMB 1.659 billion, up 5.84% YoY [7] - The number of SMO projects increased from 1,952 at the end of 2023 to 2,110 in 2024H1, with 165 projects completed in the first half of 2024 [7] - The company is enhancing its integrated service capabilities, with 5,173 ongoing laboratory service projects [7] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 7.672 billion, RMB 8.531 billion, and RMB 9.585 billion, respectively [8] - Net profit attributable to shareholders for 2024E, 2025E, and 2026E is expected to be RMB 1.668 billion, RMB 2.056 billion, and RMB 2.290 billion, respectively [8] - EPS for 2024E, 2025E, and 2026E is forecasted to be RMB 1.93, RMB 2.38, and RMB 2.65, respectively [8] - The current P/E ratio is 26.4x for 2024E, 21.4x for 2025E, and 19.2x for 2026E [8]

杭州泰格医药科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------|------------------------------|------------------------------------------------------------| | | □ 特定对象调研 | ■ 分析师会议 | | 投 资 者 关 系 活 | □ 媒体采访 ■ | 业绩说明会 | | 动类别 | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 （ | ） | | 参 与 单 位 名 称 | | 海通证券、中金证券和浙商证券组织的 2024 年半年度业绩交 | | 及人员姓名 | 流会 | | | 时间 | 2024 年 8 月 28 日 | 20:00-21:00 | | 地点 | 电话会议 | | | 上 市 公 司 接 待 | 公司 IR 团队 | | | 人员姓名 | 一、公司 2024 | 年半年度经营情况介绍如下： | | | 2024 | 年半年度公司主营业务收入 329,569.43 万元，其中 | | ...

研究报告 Research Report 29 Aug 2024 泰格医药 Hangzhou Tigermed Consulting (300347 CH) 点评： 24Q2 业绩环比恢复趋势明显，针对性业务策略推动长期增长 Review: Obvious Recovery Trend of 24Q2 , Targeted Business Strategies to Promote Long-term Growth | --- | --- | --- | --- | |---------------------------|---------------|------------------------|-------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | Rmb48.68 | | 目标价 | | | Rmb58.46 | | HTI ESG | | | 4.0-3.2-4.5 | | E-S-G: 0-5, | | | | | 义利评级 | | | | | 来源: 盟浪 | | | | | ...

研究报告 Research Report 29 Aug 2024 泰格医药 Hangzhou Tigermed Consulting (300347 CH) 点评： 24Q2 业绩环比恢复趋势明显，针对性业务策略推动长期增长 Review: Obvious Recovery Trend of 24Q2 , Targeted Business Strategies to Promote Long-term Growth | --- | --- | --- | --- | |---------------------------|---------------|------------------------|-------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | Rmb48.68 | | 目标价 | | | Rmb58.46 | | HTI ESG | | | 4.0-3.2-4.5 | | E-S-G: 0-5, | | | | | 义利评级 | | | | | 来源: 盟浪 | | | | | ...