Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company is expected to face slight pressure on its performance in 2024 but is anticipated to return to growth in 2025, with a forecasted increase in orders [6]. - In 2024, the company achieved total revenue of 6.603 billion yuan, a year-on-year decrease of 10.58%, and a net profit attributable to the parent company of 0.405 billion yuan, down 42.13% year-on-year [6]. - The company’s gross margin for 2024 was 33.95%, a decline of 4.63 percentage points compared to the previous year [6]. - The company secured new contracts worth 10.12 billion yuan in 2024, with a net increase of 8.42 billion yuan, representing a year-on-year growth of 7.3% [6]. - The earnings per share (EPS) for 2025-2027 are projected to be 1.17, 1.26, and 1.39 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 44.3, 41.1, and 37.2 [6]. Financial Summary - In 2024, the company’s clinical trial technical service revenue was 3.178 billion yuan, a year-on-year decrease of 23.75% [7]. - The revenue from clinical trial-related services and laboratory services in 2024 was 3.296 billion yuan, an increase of 5.61% year-on-year [8]. - The company’s total assets as of the end of 2024 were 28.671 billion yuan, with total liabilities of 4.607 billion yuan [12]. - The projected revenue for 2025 is 7.111 billion yuan, reflecting a year-on-year increase of 7.7% [10].

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: 2025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: 2025年4月1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 (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 | FF301 II. 已發行股份及/或 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company's performance in 2024 is expected to be slightly under pressure, but there is optimism for a return to growth in 2025, driven by a continuous increase in orders [6]. - In 2024, the company achieved total revenue of 6.603 billion yuan, a year-on-year decrease of 10.58%, and a net profit attributable to the parent company of 0.855 billion yuan, down 42.13% year-on-year [6]. - The gross profit margin for 2024 was 33.95%, a decline of 4.63 percentage points compared to the previous year [6]. - The company secured new contract amounts totaling 10.12 billion yuan in 2024, with a net increase of 8.42 billion yuan, reflecting a year-on-year growth of 7.3% [6]. - The forecast for net profit attributable to the parent company for 2025-2027 is 1.011 billion yuan, 1.089 billion yuan, and 1.203 billion yuan respectively, with corresponding EPS of 1.17 yuan, 1.26 yuan, and 1.39 yuan [6]. Financial Summary - In 2024, the company reported a revenue of 6.603 billion yuan, with a year-on-year decline of 10.6% [10]. - The net profit attributable to the parent company for 2024 was 0.405 billion yuan, reflecting a significant year-on-year decrease of 80% [10]. - The gross profit margin for 2024 was 34.0%, with projections for 2025-2027 indicating a gradual recovery to 39.1% by 2025 [10][13]. - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 44.3, 41.1, and 37.2 respectively [10].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 6.603 billion yuan for 2024, a year-on-year decrease of 10.58%, and a net profit of 405 million yuan, down 79.99% year-on-year [1]. - The company experienced a significant decline in profitability in Q4 2024, with a gross margin of 17.70%, down 15.12 percentage points year-on-year, and a net margin of -26.59% [1]. - New order growth was driven by demand from large multinational pharmaceutical companies and increased clinical needs from Chinese and overseas biotech firms, resulting in a net new contract amount of 8.42 billion yuan, a 7.3% increase year-on-year [2][3]. - The company is accelerating its international expansion, particularly in North America, with a notable increase in new orders and business [3]. - AI technology is being integrated into the company's solutions, with the launch of the DeepSeek-R1 model and the AI platform for medical applications [3]. Financial Forecasts - Projected revenues for 2025, 2026, and 2027 are 7.435 billion yuan, 8.375 billion yuan, and 8.813 billion yuan, respectively, with expected growth rates of 12.6%, 12.6%, and 5.2% [4][5]. - The forecasted net profit for the same years is 1.689 billion yuan, 2.013 billion yuan, and 2.084 billion yuan, with growth rates of 316.9%, 19.2%, and 3.6% [5][8]. - The company’s PE ratios are projected to be 26, 22, and 21 for the years 2025, 2026, and 2027, respectively [5][8].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 6.603 billion yuan in 2024, a decrease of 10.58% year-on-year, and a net profit of 405 million yuan, down 79.99% year-on-year [1]. - The company is experiencing short-term profitability pressure, but there is significant potential for profit recovery in the future [1]. - New order quantities and amounts have shown good growth year-on-year, driven by demand from multinational pharmaceutical companies and increased clinical needs from domestic and overseas biotech firms [2]. - The company is deepening its global layout and service capabilities, accelerating its internationalization process, particularly in North America [3]. - AI technology is being integrated into the company's solutions, enhancing its offerings in drug development and clinical trials [3]. Financial Performance Summary - In 2024, the company achieved total revenue of 6.603 billion yuan, with a projected revenue growth of 12.6% for 2025 and 2026, and 5.2% for 2027 [5][9]. - The net profit for 2024 is expected to be 405 million yuan, with significant growth anticipated in the following years, reaching 1.689 billion yuan in 2025 [5][9]. - The company's gross margin for Q4 2024 was reported at 17.70%, a decline of 15.12 percentage points year-on-year [1]. - The company has a projected PE ratio of 26 for 2025, decreasing to 21 by 2027, indicating improving valuation metrics over time [5][9].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company reported a revenue of 6.603 billion yuan for 2024, a year-over-year decrease of 10.58%, and a net profit attributable to shareholders of 405 million yuan, down 79.99% year-over-year, indicating performance below expectations [1] - The gross margin for the company's main business declined by 4.91 percentage points to 33.27%, primarily due to a decrease in order execution prices and cancellations of some domestic innovative drug clinical orders [2] - The company achieved a net new signed order growth of 7.3% to 8.42 billion yuan, with a total amount of contracts to be executed increasing by 12.1% to 15.78 billion yuan, suggesting stable future revenue growth [3] - The company is actively embracing digitalization and intelligence, focusing on developing AI models and platforms to optimize clinical trial processes [3] - Due to the decline in gross margin, the profit forecasts for 2025 and 2026 have been adjusted downwards to 1.2 billion yuan and 1.452 billion yuan, respectively, with a new forecast for 2027 set at 1.808 billion yuan [3] Summary by Sections Financial Performance - The company reported a revenue of 6.603 billion yuan in 2024, down from 7.384 billion yuan in 2023, with a projected revenue increase in subsequent years [8] - The net profit for 2024 is forecasted at 405 million yuan, significantly lower than 2.025 billion yuan in 2023, with a recovery expected in the following years [9] Profitability Metrics - The gross margin is projected to recover gradually, reaching 38.8% by 2027, after a decline to 34.0% in 2024 [11] - The return on equity (ROE) is expected to improve from 2.0% in 2024 to 7.5% by 2027 [11] Valuation Metrics - The price-to-earnings (P/E) ratio is forecasted to be 37 for 2025, 31 for 2026, and 25 for 2027, reflecting a gradual improvement in profitability [12] - The company’s total market capitalization is currently 44.744 billion yuan, with a share price of 51.73 yuan [4]

2025 年 3 月 31 日 公司研究 全年订单保持增长，转型拥抱智能化 ——泰格医药（300347.SZ）2024 年年报点评 要点 事件：公司发布 2024 年年报，全年实现营业收入 66.03 亿元（YOY-10.58%）， 实现归母净利润 4.05 亿元（YOY-79.99%），实现扣非归母净利润 8.55 亿元 （YOY-42.13%），业绩低于预期。 点评： 毛利率同比下滑，公允价值负面影响大。2024 年公司主营业务毛利率同比下降 4.91pp 至 33.27%，其中：1）临床试验技术服务板块毛利率同比下降 8.65pp 至 29.56%，主要因订单执行单价下滑及部分国内创新药临床订单被取消；2） 临床试验相关及实验室服务板块毛利率同比下降 1.32pp 至 36.84%，主要因数 据管理与统计分析业务毛利率下滑及实验室服务新产能投入导致的固定成本增 加。24 年公司的金融资产的公允价值减少 5.0 亿元，23 年同期增加 3.5 亿元； 金融资产的出售收益为 72.67 万元，23 年同期为 2.3 亿元。金融资产的公允价 值及出售收益大幅减少，对公司归母净利润造成较大负面影响。 全年订单维 ...

2025年3月28日，泰格医药（300347）发布了2024年年报。报告显示，公司2024年实现营业收入66.03亿 元，同比下降10.58%；归属净利润4.05亿元，同比大幅下降79.99%。这是泰格医药自2018年以来净利润 最低的一年，扣非净利润也同比下降42.13%。作为一家专注于新药研发临床试验服务的合同研究组织 (CRO)，泰格医药在行业寒冬中面临严峻挑战。 营收与利润双降，行业周期冲击显著 泰格医药2024年的业绩表现可谓惨淡。营业收入同比下降10.58%，归属净利润更是暴跌79.99%，扣非 净利润也下降了42.13%。这一业绩下滑的背后，是行业周期和结构性变化的双重冲击。2024年，国内 生物医药行业经历了较大的波动，部分客户因资金压力缩减研发投入，导致泰格医药的订单量减少，尤 其是国内创新药临床运营业务收入大幅下滑。 泰格医药2024年的财报揭示了公司在行业寒冬中的生存困境。营收与利润的双降、毛利率的大幅下滑， 以及海外业务增长的局限性，都表明泰格医药在应对行业周期波动和市场竞争时，仍需找到更为有效的 策略。未来，如何在保持高质量服务的同时，提升成本控制能力，并进一步拓展海外市场的盈利能力 ...

公 司 报 告 泰格医药(300347.SZ) 行业环境致业绩承压，海外开拓、提质增效保发展 2025年03月28日 相关研究报告 证券分析师 倪亦道 投资咨询资格编号 S1060518070001 021-38640502 NIYIDAO242@pingan.com.cn 叶寅 投资咨询资格编号 事项： 公司发布2024年年报，全年实现营业收入66.03亿元，同比-10.58%；实现归 母净利润4.05亿元，同比-79.99%；扣非后归母净利润为8.55亿元，同 比-42.13%。 推荐 ( 维持) 股价:55.39元 行情走势图 BOT335 YEYIN757@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,384 | 6,603 | 7,161 | 7,876 | 8,782 | | YOY(%) | 4.2 | -10.6 | 8.5 | 10.0 | 11.5 | | 净利润(百万元) | 2,025 | 405 | 1,24 ...

在业务拓展方面，泰格医药展现了强大的执行力。公司在执行的药物临床试验项目831个，在执行的医 疗器械和IVD项目614个。SMO现场管理项目2,253个，CRC总人数超过3,400人。影像评估业务新增项目 超60个，新增客户超25家。实验室服务表现突出，累计通过NMPA及FDA现场核查220余次。公司通过 战略性收购持续完善业务布局，方达医药收购意大利Accelera S.r.l.的临床前DMPK和生物分析业务，进 一步增强了在欧洲市场的服务能力。2024年，公司还启动中非数字化合作，与非洲创新医疗组织 Purpose Africa签署合作备忘录，拓展新兴市场业务。在国内市场，公司在北京通州设立中国北方总 部，在浙江嘉兴成立生物医药企业孵化中心，进一步完善区域布局。 2024年，泰格医药在创新药服务领域继续保持领先优势。公司助力28个中国1类新药和6个创新医疗器械 上市，累计为中国60%已上市1类新药提供研发服务。E-Site战略合作中心达74家，重点合作中心252 家，构建了强大的临床研究网络。公司收购日本CRO Medical Edge及观合医药，显著提升了海外及全产 业链的服务能力。在专业认可方面，泰格 ...