2024 年4 月8 日 医药: 超配 证券研究报告 / 业绩点评报告 泰格医药 (300347 CH, 买入, 目标价: RMB71.03) 新冠相关业务影响逐步出清，加快新兴业务发展 目标价: RMB71.03 当前股价: RMB50.24 • 2023 年业绩低于我们预期，毛利率承压。 股价上行/下行空间 +41% 52周最高/最低价 (RMB) 111.92/36.12 • 新冠相关业务影响逐渐出清；我们预测2023A-26E 营收/ 归母净利润CAGR 分别为 市值 (US$mn) 6,058 21%/16%。 当前发行数量(百万股) 872 • 维持买入评级，下调DCF（WACC： 9.8%）目标价至71.03 元。 三个月平均日交易額 121 (US$mn) 流通盘占比 (%) 72 2023 年业绩低于我们预期：公司发布年报，2023 年实现营收73.84 亿元，同比增长4%； 主要股东 (%) 实现归母净利润20.25 亿元，同比增长1%。2023 年业绩低于我们的预期，主要是因为新 叶小平 20 冠业务及下游市场需求减少。其中4Q23 实现营业收入17.34 亿元，同比增长3%；归母净 香 ...

[Table_StockInfo] 买入 2024年 04月 08日 证券研究报告•2023年年报点评 当前价： 52.59元 泰格医药（300347） 医药生物 目标价： 64.50元（6个月） 利润短期波动，海外业务持续发力 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a发ry布] 2023年报，2023年实现营收 73.8亿元（+4.2%）；归母净利 [分Ta析bl师e_：Au杜th向or阳] 润 20.3亿元（+0.9%）；归母扣非净利润14.8亿元（-4.1%）。 执业证号：S1250520030002  短期利润略有扰动，主营业务仍表现较强韧性。分业务看，1）临床试验技术服 电话：021-68416017 邮箱：duxy@swsc.com.cn 务收入 41.7 亿元（+1%），实现毛利 15.9 亿元（+2.6%），毛利率为 38.2% （+0.6pp），主要因工作效率提升、疫苗项目减少及供应商过手费下降所致。截 [相Tab对le指_Q数u表ot现eP ic] 至 2023年12月 31日，公司正在进行的药物临床研究项目从2022年12月 31 日的 680个增至 75 ...

证券研究报告 公司点评 泰格医药(300347.SZ) 医药生物｜ 医疗服务 短期业绩增速放缓， 海外业务发展可期 2024年 03月 31日 预测指标 2022A 202 3A 2024E 2025E 2026E 评级 买入 主营收入（亿元） 70.85 73.84 84.96 101.96 117.32 归母净利润（亿元） 20.07 20. 25 24.46 29.59 34.44 评级变动 维持 每股收益（元） 2.30 2.32 2.80 3.39 3.95 交易数据 每股净资产（元） 22.45 24.10 26.40 29.18 32.41 当前价格（元） 53.15 P/E 23.11 22.90 18.96 15.67 13.47 52周价格区间（元） 37.85-106.01 P/B 2.37 2.21 2.01 1.82 1.64 总市值（百万） 43128.86 资料来源：Wind，财信证券 流通市值（百万） 30699.80 总股本（万股） 87241.90 投资要点： 流通股（万股） 70073.20  事件：公司发布 2023年年度报告。2023年，公司实现营业收入 73.84 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is a leader in the Clinical Research Organization (CRO) sector, with expectations for improved industry conditions driven by changes in the innovative drug sector [6][9] - In 2023, the company reported operating revenue of 7.384 billion yuan, a year-on-year increase of 4.21%, while the net profit attributable to the parent company was 2.025 billion yuan, up 0.91% year-on-year [6][8] - The company aims to enhance its integrated R&D service platform and expand its global presence, with a focus on regulatory changes and technological innovations [9] Financial Performance Summary - In 2023, the company had a total revenue of 7.384 billion yuan, with a year-on-year growth of 4.21% [6] - The net profit for 2023 was 2.025 billion yuan, reflecting a slight increase of 0.91% year-on-year, while the net profit excluding non-recurring items was 1.477 billion yuan, down 4.05% [6][8] - The company’s gross margin for 2023 was 38.6%, slightly down from 39.6% in 2022 [8][12] Business Segments - The main business segments include Clinical Trial Technical Services, which generated revenue of 4.168 billion yuan, a year-on-year increase of 1.04%, and Clinical Trial Related Services and Laboratory Services, which brought in 3.121 billion yuan, up 8.51% year-on-year [7][11] - The number of ongoing drug clinical research projects increased from 680 at the end of 2022 to 752 by the end of 2023 [7] - The company has expanded its global client base, increasing the number of global clients from 259 to 340, a growth of 31.27% [7] Future Outlook - The company expects to maintain high growth rates, with projected earnings per share (EPS) for 2024, 2025, and 2026 at 2.62 yuan, 3.03 yuan, and 3.54 yuan respectively [9][12] - The estimated revenue for 2024 is projected to be 8.277 billion yuan, with a year-on-year growth of 12.1% [8][12] - The company aims to achieve a reasonable valuation range of 65.50 to 78.60 yuan based on a price-to-earnings (PE) ratio of 25-30 times for 2024 [9]

Investment Rating - The report maintains a "Buy" rating for the company, Tigermed (300347) [1][5] - The target price is set at 67.08 CNY, down from the previous forecast of 85.44 CNY [1][5] Core Insights - The company's performance in 2023 was slightly below expectations, with steady revenue growth but significant profit fluctuations due to multiple factors [1][5] - Fresh orders continue to increase, and overseas business is expanding steadily, which is expected to bring additional revenue in the future [1][5] - The report highlights that the clinical trial technology service segment saw revenue growth, while specific vaccine project trials decreased, impacting overall performance [1][5] Financial Summary - The company reported a total revenue of 73.84 billion CNY in 2023, reflecting a 4.21% increase [1][5] - The net profit attributable to shareholders was 20.25 billion CNY, a 0.91% increase, while the non-recurring net profit was 15.40 billion CNY, showing a decline of 4.05% [1][5] - The report indicates that the gross profit margin decreased by 3.6 percentage points, primarily due to high costs associated with new product launches and external financing environment fluctuations [1][5] Segment Performance - Clinical trial technology service revenue was 41.68 billion CNY, up 1.04%, while clinical trial-related services and laboratory services revenue increased by 8.51% to 31.21 billion CNY [1][5] - The report notes that the company has 23 ongoing clinical projects, with a total contract amount of 140.8 billion CNY, indicating a robust pipeline for future growth [1][5] Market Position - The company is recognized as a leading Clinical Research Organization (CRO) in China, providing comprehensive services for pharmaceutical product development [5][6] - The report emphasizes the company's competitive advantages and solid growth prospects, supported by ongoing domestic and international business expansion [1][5]

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3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 呈交日期: 2024年4月2日 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 | 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 | | | 749,293,420 | RMB | | 1 RMB | | 749,293,420 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 749,293,420 | RMB | | 1 RMB | | 749,293,420 | | 2. 股份分類 | 普通股 | 股份類別 | ...

上 市 公 司 医药生物 2024 年04月 02 日 泰格医药 (300347) 公 司 研 究 ——业绩短期波动，24 年有望逐步恢复 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件： （维持）  公司发布2023年报。2023公司收入73.84亿，同比增长4.21%，扣非利润14.77亿， 同比下降4.05%；单Q4收入17.34亿，同比增长3.22%，扣非利润 2.79亿，同比下降 证 市场数据： 2024年04月02日 19.74%，我们预计Q4利润下降主要由于新冠项目减值、子公司方达控股的收入增长有所 券 收盘价（元） 52.04 研 一年内最高/最低（元） 111.92/36.12 放缓，影响利润所致。公司整体收入和扣非利润符合预期。 究 市净率 2.2 报 息率（分红/股价） - 投资要点： 告 流通A股市值（百万元） 30059 上证指数/深证成指 3074.96/9586.95  临床试验技术服务板块略有增长，临床试验相关服务及实验室服务板块稳定增长。分业务 注：“息率”以最近一年已公布分红计算 来看，临床试验技术服务收入41.68亿元，比增长1.04%，注册与申报服务全年新 ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Views - The company's revenue for 2023 reached 7.384 billion yuan, a year-on-year increase of 4.21%, while the net profit attributable to shareholders was 2.025 billion yuan, up 0.91% year-on-year. However, the non-recurring net profit decreased by 4.05% to 1.477 billion yuan, and operating cash flow fell by 15.25% to 1.15 billion yuan [2][3] - The company demonstrated resilience and sustainability in business growth and profitability during the industry's downturn, with a slight revenue increase despite challenges from the COVID-19 pandemic and a decline in the biopharmaceutical investment climate [3] - Domestic business showed steady growth, while the overseas platform capabilities are continuously strengthening, which is expected to become a new growth point. The company executed 752 drug clinical trial projects by the end of 2023, a 10.59% increase year-on-year [3] - The report forecasts the company's revenue for 2024-2026 to be 8.015 billion, 9.238 billion, and 10.910 billion yuan, respectively, with net profits of 2.165 billion, 2.555 billion, and 3.156 billion yuan. The current market valuation corresponds to P/E ratios of 21, 18, and 15 for 2024-2026 [3] Summary by Sections Financial Performance - In 2023, the total revenue was 7.384 billion yuan, with a year-on-year growth of 4.21%. The net profit attributable to shareholders was 2.025 billion yuan, reflecting a slight increase of 0.91% year-on-year. However, the non-recurring net profit decreased by 4.05% to 1.477 billion yuan [2][3] - The operating cash flow for the year was 1.15 billion yuan, down 15.25% from the previous year [2] Business Segments - Clinical trial technical service revenue was 4.168 billion yuan, up 1.04% year-on-year, with a gross profit of 1.592 billion yuan and a gross margin of 38.21%, which increased by 0.58 percentage points year-on-year [3] - Revenue from clinical trial-related services and laboratory services reached 3.116 billion yuan, an increase of 8.63%, but the gross profit slightly decreased by 0.10% [3] Market Position and Growth Potential - The company has established a strong presence in both domestic and international markets, with significant growth in clinical trial services in the U.S. and ongoing projects in various regions, including Europe and Australia [3] - The report highlights the acquisition of Nucro-Technics, which enhances the company's service capabilities in analytical chemistry and microbiology [3] Valuation and Future Outlook - The report anticipates a gradual increase in revenue and net profit over the next few years, with a focus on the company's low valuation and the potential contribution from its expanding overseas business [3]

M N 2 Apr 2024 CMB International Global Markets | Equity Research | Company Update Tigermed (300347 CH) Expect business rebound in 2024E Target Price RMB68.57 Tigermed reported 2023 revenue of RMB7,384mn, up 4.2% YoY, and attributable (Previous TP RMB80.31) recurring net income of RMB1,477mn, down 4.1% YoY. Revenue/ attributable Up/Downside 29.1% recurring net income missed our forecast by 2.9%/ 12.1%, respectively, mainly Current Price RMB53.10 due to shrinking COVID vaccine revenue, slowdown in global R&D ...

Investment Rating - The report maintains a "Recommendation" rating for the company [2][6] Core Views - The company achieved a revenue of 7.384 billion yuan in 2023, representing a year-over-year increase of 4.2%, and a net profit attributable to shareholders of 2.025 billion yuan, up 0.9% year-over-year [4][6] - The report indicates that the industry is approaching a turning point, with expectations of improved business conditions due to stabilizing order prices and increasing industry concentration benefiting leading companies like the report's subject [4][6] Financial Performance Summary - Revenue for 2023: 73.84 billion yuan, with a gross margin of 38.6%, down 1.1 percentage points year-over-year [4][6] - The company plans to distribute a dividend of 5.68 yuan per 10 shares (including tax) [4] - The report forecasts revenue growth to 85.50 billion yuan in 2024, 106.13 billion yuan in 2025, and 134.47 billion yuan in 2026, with corresponding net profits of 2.271 billion yuan, 2.796 billion yuan, and 3.505 billion yuan respectively [5][6] - The gross margin is expected to slightly decline to 37.6% in 2024, with a gradual recovery to 38.3% by 2026 [5][8] Business Segment Analysis - Clinical trial technical services generated revenue of 4.168 billion yuan in 2023, with a gross margin of 38.2% [4] - The report highlights that the company has maintained stable expense ratios across sales, management, and R&D, indicating effective cost control [4][6] Market Outlook - The report suggests that the industry is at a bottoming phase, with expectations for market share gains for the company as the industry recovers [6][8] - The anticipated stabilization of pricing competition and the expected increase in demand for new drug development are seen as positive indicators for future growth [6][8]