Zhi Tong Cai Jing·2026-01-30 06:01Core Viewpoint - Goldman Sachs has adjusted its profit forecasts for Tigermed (300347) for 2025 to 2027, with a decrease of 29% for 2025, and increases of 2% for both 2026 and 2027, while slightly raising the target price for Tigermed's H-shares from HKD 63.4 to HKD 66.4 and for A-shares from RMB 78.7 to RMB 82.5, maintaining a "Buy" rating [1] Financial Performance - Tigermed expects its revenue for 2025 to be between RMB 6.66 billion and RMB 7.68 billion, which is higher than both Goldman Sachs' and market expectations [1] - The recurring net profit is projected to be between RMB 330 million and RMB 490 million, which falls short of Goldman Sachs' and market expectations, primarily due to higher-than-expected impairment provisions [1] - The net profit for the period is estimated to be between RMB 830 million and RMB 1.23 billion, also below Goldman Sachs' and market expectations, potentially reflecting timing differences in fair value changes and investment income, with some being deferred to the first quarter of 2026 [1] Industry Outlook - The company is viewed as a key beneficiary of structural growth opportunities in China's clinical CRO industry, with expectations of a recovery in business development activities and financing environment starting in 2025, which will drive domestic clinical demand [1] - There is potential for an increase in concept verification (POC) clinical trials by multinational pharmaceutical companies in China, providing further upside potential [1] - Significant contract conversions are expected to begin to materialize from the first half of 2026 [1]