事件：公司发布 2024年年报，2024年全年公司实现营业收入122.8亿元，同比增长6.4%；实现归母净利 润17.9 亿元，同比增长12.0%；实现经调整Non-IFRS 归母净利润16.1 亿元，同比下降15.6%。2024Q4单 季度实现营业收入34.6 亿元，同比增长16.1%；实现经调整Non-IFRS 归母净利润5.0 亿元，同比增长 1.7%。 公司业绩逐季度回升。分季度来看，随行业景气度与海外市场需求的复苏，公司2024 年Q1 至Q4 分别 实现营业收入26.7/29.3/32.1/34.6 亿元，分别同比-2.0%/+0.6%/+10.0%/+16.1%，Q2 至Q4 分别环比 +9.8%/+9.5%/+7.6%；Q1至Q4 分别实现经调整Non-IFRS 净利润3.4/3.5/4.2/5.0 亿元，分别同 比-22.7%/-28.8%/-13.2%/+1.7%，Q2 至Q4 分别环比+3.7%/+18.7%/+19.7%。 2024 年公司收入与利润逐季度回暖。公司全年及前三季度经调整Non-IFRS 净利润同比下滑是2023年末 新增贷款、宁波新产能投产等扰动因素综合影响所致。 实验 ...

医药生物/医疗服务 康龙化成（300759.SZ） 收入同比增速逐季加快，新签订单稳健增长 2025 年 03 月 30 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(元) | 27.16 | | 一年最高最低(元) | 36.42/17.70 | | 总市值(亿元) | 482.96 | | 流通市值(亿元) | 385.40 | | 总股本(亿股) | 17.78 | | 流通股本(亿股) | 14.19 | | 近 3 个月换手率(%) | 88.82 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 康龙化成 沪深300 相关研究报告 《新签订单稳健增长，连续三个季度 实现温和复苏—公司信息更新报告》 -2024.11.1 《收入端环比改善，新签订单持续稳 健增长 — 公 司 信 息 更 新 报 告 》 -2024.8.30 《需求逐步恢复，2024H1 新签订单稳 健 增 长 — 公 司 信 息 更 新 报 告 》 -2024.7.22 余汝意（分析师） 汪晋（联系人） ...

医药生物/医疗服务 康龙化成（300759.SZ） 收入同比增速逐季加快，新签订单稳健增长 2025 年 03 月 30 日 投资评级：买入（维持） | 日期 | 2025/3/28 | | --- | --- | | 当前股价(元) | 27.16 | | 一年最高最低(元) | 36.42/17.70 | | 总市值(亿元) | 482.96 | | 流通市值(亿元) | 385.40 | | 总股本(亿股) | 17.78 | | 流通股本(亿股) | 14.19 | | 近 3 个月换手率(%) | 88.82 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 2024-04 2024-08 2024-12 康龙化成 沪深300 相关研究报告 《新签订单稳健增长，连续三个季度 实现温和复苏—公司信息更新报告》 -2024.11.1 《收入端环比改善，新签订单持续稳 健增长 — 公 司 信 息 更 新 报 告 》 -2024.8.30 《需求逐步恢复，2024H1 新签订单稳 健 增 长 — 公 司 信 息 更 新 报 告 》 -2024.7.22 临床研究服务进入高质量发展阶段， ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company achieved a revenue of 12.28 billion yuan in 2024, representing a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.79 billion yuan, up 12.0% year-on-year [1]. - The CMC segment showed significant quarterly growth, with new orders accelerating, indicating a strong market position and future revenue potential [7]. - The company is expected to see a revenue growth of 10-15% in 2025, with projected revenues of 13.74 billion yuan, 15.55 billion yuan, and 17.87 billion yuan for 2025, 2026, and 2027 respectively [7][8]. Financial Performance Summary - In 2024, the company reported a total revenue of 12.28 billion yuan, with a gross margin of 44.4%, reflecting a slight increase of 0.4 percentage points year-on-year [7]. - The CMC segment generated revenue of 2.99 billion yuan in 2024, with a year-on-year growth of 10.2% and a gross margin improvement from 27.3% in Q1 to 38.4% in Q4 [7]. - Clinical research services faced short-term profitability pressure, but are expected to stabilize in 2025, with a revenue of 1.83 billion yuan in 2024, up 5.1% year-on-year [7]. - The company’s adjusted net profit for 2024 was 1.61 billion yuan, down 15.6% year-on-year, with expectations of recovery in subsequent years [1][8]. Market Position and Growth Potential - The company has seen a record high in overseas client visits and a significant increase in new orders, with a year-on-year growth of over 20% in new contracts [7]. - The report highlights the company's core competitiveness as a leading global CRO service provider, with a strong outlook for continued growth in the CMC business [7].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's performance in 2024 met market expectations, with a revenue of 12.276 billion yuan, a year-on-year increase of 6.39%, and a net profit attributable to shareholders of 1.793 billion yuan, a year-on-year increase of 12.01% [1][2] - The company has seen a significant increase in new orders, with new order amounts growing over 20% year-on-year, indicating a strong foundation for future performance growth [2][3] - The company is expected to benefit from a global economic recovery, with adjusted revenue forecasts for 2025-2027 reflecting an upward trend in performance [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 12.276 billion yuan, with a year-on-year growth of 6.4% and a net profit of 1.793 billion yuan, reflecting a 12.0% increase [8] - The adjusted net profit for 2024 is projected to be 1.607 billion yuan, a decrease of 15.6% compared to the previous year [2] - The company’s Q4 2024 revenue reached 3.458 billion yuan, marking a 16.1% year-on-year increase [2] Order Growth - The company reported a record high in overseas customer visits in 2024, with new orders showing an accelerating trend [2] - New orders for laboratory services and CMC services grew by 12%+ and 32%+ respectively in the first three quarters of 2024 [6] Future Outlook - The company has provided a revenue guidance of 10%-15% growth for 2025, supported by the rapid increase in orders and ongoing cost reduction efforts [2] - Revenue forecasts for 2025-2027 have been adjusted to 14.016 billion yuan, 16.405 billion yuan, and 19.454 billion yuan respectively, with corresponding EPS estimates of 1.00 yuan, 1.24 yuan, and 1.56 yuan [3][8]

Group 1: Financial Performance Overview - Revenue for 2024 reached 12.276 billion CNY, a year-on-year increase of 6.4% [13] - Net profit attributable to shareholders was 1.793 billion CNY, up 12.0% year-on-year [13] - Non-IFRS adjusted net profit was 1.607 billion CNY, a decrease of 15.6% compared to the previous year [13] Group 2: Revenue Composition - Revenue from China delivery business accounted for 87%, while overseas delivery business made up 13% [16] - Laboratory services contributed 57% to total revenue, with small molecule CDMO at 24% and clinical research services at 15% [16] - Revenue from North American clients grew by 6.1%, while European clients saw a 23.2% increase; however, revenue from Chinese clients declined by 6.5% [17] Group 3: Client and Project Highlights - The top 20 pharmaceutical companies contributed to a revenue growth of 26.9% [19] - The company participated in 781 drug discovery projects, with 1,062 ongoing clinical research services [30][33] - New signed orders increased by over 20% year-on-year, indicating a positive trend in the biopharmaceutical industry [13] Group 4: Future Outlook and Strategy - The company aims for a revenue growth of 10-15% by 2025 [46] - It will continue to focus on a "full-process, integrated, international, and multi-therapy" strategy to enhance R&D and production efficiency [46] - The company is committed to sustainable development, achieving an AA rating in MSCI ESG ratings for 2024 [22]

Group 1: Financial Performance - The company achieved a revenue of 12.276 billion yuan in 2024, representing a year-on-year growth of 6.4% [2] - In the second half of 2024, the company recorded a revenue of 6.671 billion yuan, with a year-on-year increase of 13.1% [2] - The net profit attributable to shareholders for 2024 was 1.793 billion yuan, reflecting a year-on-year growth of 12% [2] - Adjusted net profit for the same period was 1.607 billion yuan, showing a decline of 15.6% [2] Group 2: Customer and Market Dynamics - The company added over 900 new clients in 2024, increasing the total active clients to over 3,000, indicating strong customer retention and service platform effectiveness [3] - The company served the largest 20 pharmaceutical enterprises globally during the reporting period [3] - New order amounts from overseas clients grew by over 20% year-on-year [2] Group 3: Operational Highlights - The company operates 21 research and development centers and production bases across multiple countries, including the UK and the USA [3] - The workforce includes 21,370 employees globally, with over 1,700 based overseas, and approximately 90% engaged in R&D, production, and clinical services [3] - The company participated in 781 global new drug discovery projects, an increase from 2023 [3] Group 4: Business Segment Performance - Laboratory services generated revenue of 7.047 billion yuan, up 5.8% year-on-year, with a gross margin of 44.4% [5] - CMC (small molecule CDMO) services achieved revenue of 2.989 billion yuan, reflecting a growth of 10.2%, but with a slight decrease in gross margin to 33.1% [5] - Clinical research services reported revenue of 1.826 billion yuan, a 5.1% increase [5] - Revenue from large molecule and cell & gene therapy services was 408 million yuan, down 4.1% year-on-year [5] Group 5: Future Outlook and Investments - The company plans a capital expenditure (CAPEX) of approximately 2 billion yuan in 2025, primarily for expanding laboratory services and small molecule CDMO capabilities [7] - The second phase of capacity construction in Shaoxing will feature larger reaction vessels and is expected to be partially operational by the end of the year [6]

Performance Overview - Revenue for 2024 reached RMB 12,276 million, with a year-over-year growth of 6.4%. The second half of 2024 saw revenue of RMB 6,671 million, growing 13.1% year-over-year [13] - Net profit for 2024 was RMB 1,793 million, reflecting a year-over-year increase of 12.0% [13] - Non-IFRS adjusted net profit was RMB 1,607 million, showing a year-over-year decline of 15.6% [13] - New purchase orders (POs) increased by over 20% year-over-year [13] Segment Highlights - The company has over 900 new customers and more than 3,000 active customers, including all of the top 20 global pharmaceutical companies [14] - The company operates 21 R&D and manufacturing facilities across China, the UK, and the US, providing integrated services for small molecules (SM), large molecules (LM), and cell and gene therapy (CGT) [14] - The company has a rich pipeline with 781 drug discovery projects, 1,062 clinical research organization (CRO) projects, and 24 CGT release testing projects [14] Financial Highlights - Revenue composition for 2024: 87% from China entities and 13% from overseas subsidiaries [17] - Revenue from laboratory services accounted for 57%, small molecule CDMO services for 24%, clinical development services for 15%, and biologics & CGT services for 3% [17] - North America contributed 64% of revenue, Europe 19%, and China 15%, with North America revenue growing 6.1% and Europe 23.2% year-over-year [18] Future Outlook - The company expects to deliver 10-15% revenue growth in 2025, driven by improved customer demand and recovery signs in purchase orders [41] - The company aims to enhance its fully integrated services platform to support pharmaceutical R&D and manufacturing needs [41]

Investment Rating - The investment rating for 康龙化成 (300759) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance and growth expectations outlined in the report [2][3]. Core Insights - The company achieved a revenue of 12.276 billion yuan in 2024, representing a year-on-year growth of 6.4%, and a net profit attributable to shareholders of 1.793 billion yuan, which is a 12.0% increase compared to the previous year [2][3]. - The company expects to recover to double-digit growth in 2025, with a target revenue growth of 10-15% [4][7]. Summary by Sections Performance Overview - In 2024, the company reported quarterly revenues of 2.671 billion yuan, 2.934 billion yuan, 3.213 billion yuan, and 3.458 billion yuan, with Q1 showing a decline of 2.0% year-on-year, while Q2, Q3, and Q4 showed growth rates of 0.6%, 10.0%, and 16.1% respectively [3]. - The company added over 900 new clients in 2024, contributing 655 million yuan to revenue, while existing clients contributed 11.621 billion yuan, an 8.8% increase [3]. Revenue Breakdown - Revenue from North American clients was 7.853 billion yuan, a 6.1% increase, while European clients contributed 2.272 billion yuan, a 23.2% increase. Revenue from Chinese clients was 1.847 billion yuan, a decline of 6.5% [4]. - The major growth driver was the contribution from the top 20 global pharmaceutical companies, which accounted for 2.189 billion yuan, a 26.9% increase [4]. Business Segments - Laboratory services generated 7.047 billion yuan in revenue, a 5.8% increase, with a gross margin of 44.92% [5]. - CMC services achieved 2.989 billion yuan in revenue, a 10.2% increase, with a gross margin of 33.62% [5]. - Clinical research services reported 1.826 billion yuan in revenue, a 5.1% increase, but faced margin pressure due to competitive pricing [6]. - The large molecule and cell & gene therapy services generated 408 million yuan, a decline of 4.1%, with a gross margin of -50.07% due to high operational costs [6]. Financial Projections - The company forecasts revenues of 13.926 billion yuan, 15.661 billion yuan, and 17.641 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.702 billion yuan, 1.974 billion yuan, and 2.298 billion yuan [9][10]. - The expected EPS for 2025 is 0.96 yuan, with corresponding P/E ratios of 28.92 times [9].

2024 年业绩符合我们预期 公司公布2024 年业绩：收入122.76 亿元，同比+6.4%；归母净利润17.93亿元，同比+12.0%，对应净利 率14.6%，同比+0.7ppt；经调整净利润16.07 亿元，同比-15.6%，对应净利率13.1%，同比-3.4ppt。符合 我们预期，归母净利润金额较高，主要因2024 年6 月21 日参股子公司Proteologix 被Johnson&Johnson 合 并收购，公司收到0.86 亿美元。 4Q24 小分子CDMO 收入10.12 亿元，同比+26.9%，环比+26.4%，毛利率为38.4%，同比+2.2ppt，环比 +4.3ppt，公司小分子CDMO 大规模生产项目持续增加，带动板块新签订单和收入持续增长。宁波原料 药生产车间于2024 年10 月-11 月接受了美国食品药品监督管理局（FDA）新药批准前检查（PAI），检 查结果良好，我们认为这充分验证了公司质量管理体系完善，具有API 和制剂产品的GMP 商业化生产 能力。 着力加强ADC、多肽、寡核苷酸等新型药物分子的服务能力建设。公司已经初步建立"抗体制备—弹头 分子合成—连接子合成—生物偶联— ...