PHARMARON(300759) 开源证券·2024-07-22 06:00Investment Rating - Buy (Maintained) [2] Core Views - The company's revenue for H1 2024 is expected to be between 5.471-5.640 billion yuan, a year-on-year decline of 0%-3% [3] - Net profit attributable to the parent company is expected to be 1.055-1.143 billion yuan, a year-on-year increase of 34%-45% [3] - Adjusted net profit is expected to be 671-718 million yuan, a year-on-year decline of 23%-28% [3] - Q2 2024 revenue is estimated at 2.885 billion yuan, a quarter-on-quarter increase of 8.01% [3] - Q2 2024 net profit attributable to the parent company is expected to be 868 million yuan, a year-on-year increase of 98.35% and a quarter-on-quarter increase of 276.67% [3] - Adjusted net profit for Q2 2024 is expected to be 355 million yuan, a year-on-year decline of 28.05% and a quarter-on-quarter increase of 4.90% [3] - The company's long-term development is promising, with projected net profits for 2024-2026 at 1.784, 2.003, and 2.398 billion yuan, respectively [3] - EPS for 2024-2026 is forecasted at 1.00, 1.12, and 1.34 yuan, respectively [3] - The current PE ratio is 20.0, 17.9, and 14.9 times for 2024-2026, respectively [3] Business Performance - New orders in H1 2024 increased by over 15% year-on-year [4] - Laboratory services revenue reached a historical high in Q2 2024 due to the recovery in new orders [4] - CMC service revenue increased quarter-on-quarter in Q2 2024, with more projects expected to be delivered and recognized in H2 2024 [4] - Clinical research services, as well as macromolecular and cell and gene therapy services, saw both quarter-on-quarter and year-on-year revenue growth [4] Non-Recurring Gains - Non-recurring gains attributable to shareholders in H1 2024 were approximately 610-660 million yuan [5] - The sale of the company's stake in PROTEOLOGIX to Johnson & Johnson for approximately 102 million USD contributed 560 million yuan to non-recurring gains [5] - Other non-recurring gains included convertible bond redemptions, government subsidies, and financial product income [5] Financial Forecasts - Revenue for 2024-2026 is projected to be 12.848, 14.752, and 17.327 billion yuan, respectively [6] - Net profit attributable to the parent company for 2024-2026 is forecasted at 1.784, 2.003, and 2.398 billion yuan, respectively [6] - Gross margin for 2024-2026 is expected to be 34.7%, 34.5%, and 35.2%, respectively [6] - Net margin for 2024-2026 is projected at 13.6%, 13.3%, and 13.6%, respectively [6] - ROE for 2024-2026 is forecasted at 12.0%, 12.3%, and 13.2%, respectively [6] Market Data - Current stock price: 20.01 yuan [7] - Total market capitalization: 35.766 billion yuan [7] - Circulating market capitalization: 28.586 billion yuan [7] - Total shares outstanding: 1.787 billion [7] - Circulating shares: 1.429 billion [7] - Turnover rate in the last 3 months: 80.01% [7]