CRO概念股震荡下挫，蔚蓝生物（603739）跌停，翰宇药业（300199）跌超10%，百花医药 （600721）、康龙化成（300759）、亨迪药业（301211）、药明康德（603259）等纷纷下挫。 ...

Group 1 - The Hong Kong pharmaceutical outsourcing sector experienced a significant decline, with major companies reporting substantial drops in stock prices [1] - Kanglong Chemical (03759.HK) saw a decrease of 13.27%, while Tigermed (03347.HK) fell by 11.33% [1] - Other notable declines included WuXi Biologics (02269.HK) down 8.19%, Kelaiying (06821.HK) down 7.52%, and WuXi AppTec (02359.HK) down 5.64% [1]

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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report highlights that the company, 康龙化成, has maintained a steady growth in revenue and profit throughout the year, with an accelerating revenue growth rate quarter by quarter. The adjusted profit for Q4 2024 is expected to recover [6][10]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 11,538 million yuan, with a year-on-year growth of 12.4%. The net profit was 1,601 million yuan, reflecting a 16.5% increase year-on-year. For 2024, the revenue is projected to be 12,276 million yuan, a 6.4% increase, and the net profit is expected to reach 1,793 million yuan, up 12.0% year-on-year [5][6]. Business Segment Performance - **Laboratory Services**: Revenue reached 7,047 million yuan in 2024, growing by 5.8% year-on-year, with a gross margin of 44.4%. The segment saw a 15%+ increase in new orders [6]. - **CMC Business**: Generated 2,989 million yuan in revenue, a 10.2% increase, with a gross margin of 33.1%. New orders grew by 35%+ [6]. - **Clinical Research Services**: Revenue was 1,826 million yuan, up 5.1%, with a gross margin of 12.8%. The segment faced some margin pressure due to increased competition [6]. - **Large Molecule and Cell & Gene Therapy Services**: Revenue declined to 408 million yuan, down 4.1%, with a negative gross margin of 50.1% due to construction investments [7]. Financial Forecasts - The company forecasts revenues of 14,098 million yuan in 2025, 16,104 million yuan in 2026, and 18,250 million yuan in 2027, with respective year-on-year growth rates of 14.8%, 14.2%, and 13.3% [5][10]. - The expected net profits for 2025, 2026, and 2027 are 1,928 million yuan, 2,356 million yuan, and 2,914 million yuan, with growth rates of 7.5%, 22.2%, and 23.7% respectively [10]. Valuation - The report suggests a reasonable valuation range for the company at 32.53 to 37.96 yuan per share, based on a projected PE ratio of 30-35 times for 2025 [10].

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 ...