Porton(SZ:300363) Xin Lang Cai Jing·2025-04-02 06:40Core Insights - The company reported a revenue of 3.01 billion yuan for 2024, a year-on-year decrease of 18%, but a 14% increase when excluding significant order impacts [1] - The net profit attributable to the parent company was -290 million yuan, a year-on-year decline of 208%, while the net profit excluding non-recurring items was -270 million yuan, down 210% [1] - The company expects improved profitability in 2025 due to a nearly 30% year-on-year increase in the backlog of unfulfilled orders by the end of 2024 [1] Financial Performance - For Q4 2024, the company achieved a revenue of 890 million yuan, a year-on-year increase of 41% [1] - The Q4 net profit attributable to the parent company was -80 million yuan, a year-on-year increase of 56% [1] - The Q4 net profit excluding non-recurring items was -59 million yuan, up 67% year-on-year [1] Business Segments - The small molecule raw material drug CDMO business generated revenue of 2.74 billion yuan in 2024, a year-on-year decrease of 21%, but a 13% increase when excluding major order impacts [2] - The early clinical stage saw a 21% year-on-year increase, while the late clinical and commercialization stages experienced a 30% decline [2] - The new molecular business achieved revenue of 21 million yuan in 2024, a significant year-on-year increase of 425% [3] Emerging Business - The emerging business segment negatively impacted the net profit by approximately 193 million yuan in 2024, compared to a loss of 169 million yuan in the previous year [3] - The small molecule formulation business generated revenue of 157 million yuan, a year-on-year increase of 27% [3] - The CGT CDMO business reported revenue of 64 million yuan, a year-on-year increase of 23% [3] Investment Outlook - The investment rating has been upgraded to "strongly recommended" as the backlog of orders is expected to confirm revenue gradually [4] - The company is projected to achieve revenues of 3.4 billion, 4 billion, and 4.8 billion yuan from 2025 to 2027, with net profits of 80 million, 270 million, and 520 million yuan respectively [4] - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 125, 38, and 19 times respectively [4]