Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.38 CNY based on a PE valuation method, reflecting a 23x earnings multiple for 2025 [3][12]. Core Insights - The company achieved a revenue of 12.276 billion CNY in 2024, representing a year-on-year growth of 6.4%, and a net profit attributable to the parent company of 1.793 billion CNY, up 12.0% year-on-year [12]. - The company experienced a significant increase in new orders, with a growth rate exceeding 20% in 2024, particularly in laboratory services and CMC services, which saw increases of over 15% and 35% respectively [12]. - The report highlights the resilience of the company's integrated platform, which supports its ability to meet global pharmaceutical innovation demands and ensures long-term stable growth [12]. Financial Performance Summary - Revenue projections for the company are as follows: 13.809 billion CNY in 2025, 15.721 billion CNY in 2026, and 17.988 billion CNY in 2027, with respective year-on-year growth rates of 12.5%, 13.8%, and 14.4% [9]. - The company's gross profit margin is expected to stabilize around 36.0% in 2025 and 36.3% in 2026 and 2027, while the net profit margin is projected to be 13.7% in 2025 and improve to 15.1% by 2027 [9]. - The earnings per share (EPS) forecast is 1.06 CNY for 2025, 1.29 CNY for 2026, and 1.53 CNY for 2027, indicating a steady increase in profitability [9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 24.38 CNY based on a PE valuation method, reflecting a 23x earnings multiple for 2025 [3][12]. Core Insights - The company achieved a revenue of 12.276 billion CNY in 2024, representing a year-on-year growth of 6.4%, and a net profit attributable to the parent company of 1.793 billion CNY, up 12.0% year-on-year [12]. - The company has shown resilience with stable growth in its core segments, particularly in laboratory services, which generated 7.047 billion CNY in revenue, a 5.8% increase [12]. - New order signings have rebounded significantly, with a year-on-year growth exceeding 20%, indicating strong future revenue potential [12]. Financial Performance Summary - Revenue projections for the company are as follows: 13.809 billion CNY in 2025, 15.721 billion CNY in 2026, and 17.988 billion CNY in 2027, with respective growth rates of 12.5%, 13.8%, and 14.4% [9]. - The company's net profit is expected to reach 1.893 billion CNY in 2025, 2.287 billion CNY in 2026, and 2.719 billion CNY in 2027, with growth rates of 5.6%, 20.8%, and 18.8% respectively [9]. - The earnings per share (EPS) forecast is 1.06 CNY for 2025, 1.29 CNY for 2026, and 1.53 CNY for 2027 [9]. Market Position and Competitive Landscape - The company operates in the pharmaceutical and biotechnology industry, facing increasing competition but also benefiting from a recovering investment environment in the sector [12]. - The integrated platform model of the company is expected to enhance its ability to meet global pharmaceutical innovation demands, supporting long-term growth [12].

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: 康龍化成（北京）新藥技術股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年4月3日 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03759 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 301,537,125 | RMB | | 1 | RMB | | 301,537,125 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | 0 | | 本月底結存 | | | 301,537,125 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a revenue of 12.276 billion yuan for 2024, representing a year-on-year growth of 6.39%, and a net profit attributable to shareholders of 1.793 billion yuan, up 12.01% year-on-year [4] - In Q4 2024, the company achieved a revenue of 3.458 billion yuan, which is a 16.15% increase year-on-year, while the net profit for the same period was 372 million yuan, showing a year-on-year decline of 19.59% but a quarter-on-quarter increase of 20.48% [4] - The company expects a revenue growth of 10%-15% in 2025, with new order growth exceeding 20% in 2024, particularly in laboratory services and CMC services [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 13.795 billion yuan, with a year-on-year growth rate of 12.4% [6] - The net profit forecast for 2025 is 1.819 billion yuan, with a slight increase of 1.4% year-on-year [6] - The projected earnings per share for 2025 is 1.02 yuan, with a PE ratio of 27 [6] Business Segments Performance - Laboratory services generated revenue of 7.047 billion yuan, a 5.81% increase year-on-year, with a gross margin of 44.92% [7] - CMC services revenue reached 2.989 billion yuan, growing by 10.24% year-on-year, with a gross margin of 33.62% [7] - Clinical research services brought in 1.826 billion yuan, a 5.12% increase year-on-year, with a gross margin of 12.82% [7]

Investment Rating - The report maintains an "Accumulate" rating with a target price of 33.90 CNY, while the current price is 28.56 CNY [2][12]. Core Views - The report highlights a positive trend in new orders and an acceleration in CMC (Chemistry, Manufacturing, and Controls) business, indicating a favorable long-term growth outlook [3][12]. - The company has seen a significant increase in new orders, with a year-on-year growth of over 20% in 2024, particularly in laboratory services and CMC [12]. Financial Summary - Revenue for 2024 is projected at 12.276 billion CNY, reflecting a 6.4% increase from 2023, while net profit attributable to the parent company is expected to reach 1.793 billion CNY, up 12.0% [5][12]. - The earnings per share (EPS) forecast for 2025 has been adjusted to 0.98 CNY, down from a previous estimate of 1.10 CNY, with a new forecast for 2027 set at 1.43 CNY [12]. - The company’s revenue from laboratory services is expected to be 7.05 billion CNY in 2024, with a gross margin of 44.9% [12]. Order Trends and Client Structure - The report notes a continued improvement in new order trends, with a 35% increase in CMC new orders and a 15% increase in laboratory services new orders [12]. - The client structure is improving, with revenue from the top 20 global pharmaceutical companies growing by 26.9%, accounting for 18% of total revenue [12]. Market Performance - The stock has shown a 37% increase over the past 12 months, outperforming the Shenzhen Composite Index by 28% [10]. - The company’s market capitalization stands at 50.785 billion CNY, with a total share count of 1.778 billion shares [6].

事件：公司发 布2024 年年报，实现营业收入122.76 亿元（+6.39%），归属于上市公司股东的净利润为 17.93 亿元（+12.01%），归属于上市公司股东的扣除非经常性损益的净利润为11.08 亿元 （-26.82%），Non-IFRSs 经调整归母净利润16.07 亿元（-15.6%）。 盈利预测和估值。根据公司2024 年经营情况，我们对盈利预测进行调整，预计2025 年至2027 年公司营 业收入分别为137.06 亿元、154.11 亿元和171.82 亿元，同比增速分别为+11.7%、+12.4%和+11.5%；归 母净利润分别为17.14 亿元、20.84 亿元和24.83 亿元，同比增速分别为-4.4%、+21.6%和+19.1%，以3 月 31 日收盘价计算，对应PE 分别为27.9 倍、23.0 倍和19.3 倍，维持 "买入"评级。 风险提示：地缘政治因素导致公司海外业务经营出现波动；全球生物医药行业投融资持续低迷。 盈利能力有望逐步提升，经营质量持续改善。分季度看，2024 年Q1-Q4各季度Non-IFRSs 净利率分别为 12.7%、12.0%、13.0%和14.4%，呈 ...

[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 0[4Table_StockInfo 月 01日收盘价（元）] | 28.56 | | --- | --- | | 52 周股价波动（元） | 17.70-36.42 | | 总股本/流通 A 股（百万股） | 1778/1419 | | 总市值/流通市值（百万元） | 50785/40538 | | 相关研究 | | [Table_ReportInfo] 《康龙化成 2023 年报点评：全年收入利润保 持增长态势，看好一体化 CXO 龙头长期稳健 发展》2024.04.01 市场表现 [Table_MainInfo] 公司研究/医药与健康护理/医疗保健提供商与服务 证券研究报告 康龙化成（300759）公司年报点评 2025 年 04 月 01 日 [Table_QuoteInfo] -16.76% 2.24% 21.24% 40.24% 59.24% 78.24% 2024/4 2024/7 2024/10 2025/1 康龙化成 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | - ...

民生证券认为，中国本土医药创新逐渐进入收获期，国际化进程持续加速，继续重点看好医药创新主线，同时医药板块基本面持续向上复苏，同时看好医药 消费主线。 截至2025年4月1日 10:13，国证生物医药指数(399441)强势上涨4.51%，成分股荣昌生物(688331)上涨12.12%，康龙化成(300759)上涨7.80%，泰格医药 (300347)上涨7.42%，昭衍新药(603127)，百克生物(688276)等个股跟涨。生物药ETF(159839)上涨4.41%，最新价报0.36元，盘中成交额已达2151.28万元，换 手率3.71%。 数据显示，杠杆资金持续布局中。生物药ETF最新融资买入额达100.25万元，最新融资余额达977.29万元。 创新药：联邦制药GLP-1/GIP/GCG三靶药物授权诺和诺德，恒瑞医药Lp(a)口服小分子授权MSD，看好国产创新药BD出海方向，建议继续关注具有BD出海 潜力的标的。CXO：国内需求逐步回暖，海外需求平稳向上，海内外产业共振，看好板块龙头企业逐季度订单和报表的持续兑现带来的估值修复。医药上 游供应链：海内外制药需求逐步回暖，伴随2025年生命科学产业链的收并 ...

Core Insights - The company reported a total revenue of 12.28 billion yuan for 2024, representing a year-on-year growth of 6.4% [1] - The net profit attributable to shareholders reached 1.79 billion yuan, up 12.0% year-on-year, while the adjusted Non-IFRS net profit was 1.61 billion yuan, down 15.6% year-on-year [1] Revenue and Profit Trends - Quarterly revenue showed a recovery trend, with Q1 to Q4 revenues of 2.67 billion, 2.93 billion, 3.21 billion, and 3.46 billion yuan respectively, indicating a year-on-year change of -2.0%, +0.6%, +10.0%, and +16.1% [1] - The adjusted Non-IFRS net profit for Q1 to Q4 was 340 million, 350 million, 420 million, and 500 million yuan respectively, with year-on-year changes of -22.7%, -28.8%, -13.2%, and +1.7% [1] Segment Performance - Laboratory services generated 7.05 billion yuan in revenue, accounting for 57.4% of total revenue, with a gross margin of 44.9% [2] - CMC services achieved 2.99 billion yuan in revenue, representing 24.4% of total revenue, with a gross margin of 33.6% [2] - Clinical research services reported 1.83 billion yuan in revenue, making up 14.9% of total revenue, with a gross margin of 12.8% [2] Market Dynamics - The company experienced a significant increase in new CMC orders, with a year-on-year growth of over 35% [2] - The company successfully commercialized two innovative drug formulations in China and received FDA pre-approval inspection for its Ningbo API production facility [2] Future Outlook - The company is expected to achieve net profits of 1.73 billion, 2.04 billion, and 2.40 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 28, 24, and 20 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a steady recovery with revenue growth accelerating quarter by quarter, and new orders have increased robustly [3][4] - In 2024, the company achieved operating revenue of 12.276 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.793 billion yuan, up 12.0% year-on-year [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 1.771 billion, 2.274 billion, and 2.782 billion yuan respectively, with corresponding EPS of 1.00, 1.28, and 1.56 yuan [3][4] Financial Performance Summary - In 2024 Q4, the company achieved operating revenue of 3.459 billion yuan, a year-on-year increase of 16.2% and a quarter-on-quarter increase of 7.7% [3] - The adjusted Non-IFRS net profit for 2024 Q4 was 500 million yuan, a year-on-year increase of 1.8% and a quarter-on-quarter increase of 19.8% [3] - The laboratory services segment generated revenue of 7.05 billion yuan in 2024, up 5.8% year-on-year, while the CMC business achieved revenue of 2.99 billion yuan, a 10.2% increase year-on-year [4] Business Segment Performance - The clinical research services segment generated revenue of 1.83 billion yuan in 2024, a year-on-year increase of 5.1% [5] - The new orders in the laboratory services segment grew by 15% year-on-year, while the CMC segment saw a strong growth of over 35% in new orders [4] - The new business segments of large molecules and CGT generated revenue of 410 million yuan in 2024, a decline of 4.2% year-on-year [5] Valuation Metrics - The company's projected P/E ratios for 2025, 2026, and 2027 are 27.3, 21.2, and 17.4 respectively [3][7] - The projected revenue growth rates for 2025, 2026, and 2027 are 11.2%, 13.9%, and 14.6% respectively [7] - The gross margin is expected to improve from 34.2% in 2024 to 38.7% in 2027 [7]