IPO专题：新股精要—国内非临床安评行业领先企业益诺思

Investment Rating - The report does not explicitly mention an investment rating for the company [2][3] Core Views - The company is a leading player in the domestic non-clinical safety evaluation (CRO) industry, with a top-three market share in China [2] - The company is expected to benefit from the ongoing industry consolidation and the increasing demand for CRO services driven by the growth in generic drug improvements and innovative drug R&D investments [3] - The company's IPO involves the issuance of 35.2449 million shares, representing 25% of the post-IPO total shares, with a planned fundraising amount of RMB 1.602 billion to address capacity constraints and enhance its technical platform [3] Business Analysis - The company's services cover three main areas: early drugability evaluation, non-clinical research, and clinical testing and translational research, with non-clinical CRO contributing over 95% of revenue [3] - From 2021 to 2023, the company's revenue and net profit grew at a compound annual growth rate (CAGR) of 33.60% and 49.73%, respectively, driven by the high growth of the domestic CRO industry and the company's leading position [3] - The company has effectively controlled the cost of experimental animals, leading to a year-on-year increase in gross margin, while the rapid revenue growth has resulted in a decline in the expense ratio [3] Industry Development and Competitive Landscape - The global CRO market is expected to reach USD 123.1 billion by 2027, with the Chinese CRO market projected to reach RMB 1.923 trillion by 2027 [3] - The non-clinical and clinical CRO markets in China were valued at RMB 31.3 billion and RMB 32.7 billion, respectively, in 2021, with the non-clinical safety evaluation market expected to grow to RMB 40.85 billion by 2027, at a CAGR of 31.51% [3] - The global CRO market is dominated by large multinational companies, with Charles River and LabCorp holding significant market shares in the non-clinical safety evaluation segment [17] - The company holds a 6.80% market share in the domestic non-clinical safety evaluation market, ranking third in China [18] IPO and Fundraising Details - The company plans to issue 35.2449 million shares, representing 25% of the post-IPO total shares, with a fundraising target of RMB 1.602 billion [19] - The funds will be used for projects including the construction of the company's headquarters and innovation transformation center, the expansion of a high-quality non-clinical innovative drug evaluation platform, and working capital [19][20] Comparable Company Valuation - The average PE ratio for comparable companies in 2023 is 19.33x, with projected PE ratios of 18.59x and 15.31x for 2024 and 2025, respectively [23] - The company's revenue and net profit CAGR from 2021 to 2023 were 33.60% and 49.73%, respectively, outperforming some of its peers [24]