Ge Long Hui·2026-01-30 06:48Core Viewpoint - Morgan Stanley's report indicates that Tigermed's preliminary performance for 2025 shows revenue between 6.66 billion and 7.68 billion yuan, representing a year-on-year growth of 1% to 16%, which is lower by 2% and higher by 12% compared to Morgan Stanley's estimates [1] - The net profit is projected to be between 830 million and 1.23 billion yuan, with a year-on-year growth of 105% to 204%, primarily driven by significant asset revaluation and a relatively low base in 2024 [1] Company Summary - Tigermed's recurring revenue performance is weak due to order cancellations and collection difficulties, yet there is strong growth in new orders [1] - The management remains optimistic about the industry outlook, noting a potential recovery in China's CRO industry during a recent meeting [1] - Morgan Stanley sets a target price of 81 yuan for Tigermed's A-shares and maintains an "Overweight" rating [1]