Zhi Tong Cai Jing·2026-02-03 06:51Group 1 - The core viewpoint of the article highlights that Tiger Med (03347) has seen a stock increase of over 4%, currently trading at HKD 52.8 with a transaction volume of HKD 24.29 million [1] - Tiger Med recently issued a profit warning, with Goldman Sachs projecting the company's revenue for 2025 to be between RMB 6.66 billion and RMB 7.68 billion, which is higher than both the bank's and market expectations [1] - Goldman Sachs views Tiger Med as a key beneficiary of structural growth opportunities in China's clinical CRO industry, anticipating a recovery in business development activities and financing environment starting in 2025, which will drive domestic clinical demand [1] Group 2 - Morgan Stanley's report attributes Tiger Med's strong profit growth to a significant revaluation of the company's assets and a relatively low base in 2024 [1] - Despite challenges such as order cancellations and collection difficulties affecting recurring revenue performance, the company has shown strong growth in new orders [1] - The net new orders, excluding cancellations, are projected to be between RMB 9.5 billion and RMB 10.5 billion, representing a year-on-year growth of 13% to 25% [1] - The management remains optimistic about the industry's outlook, indicating that the Chinese CRO sector appears to be in a recovery phase [1]