PHARMARON(SZ:300759) Xin Lang Cai Jing·2025-03-31 10:42Core 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]