Tigermed(300347) 开源证券·2024-08-31 06:00Investment Rating - Buy (maintained) [2] Core Views - Q2 performance showed sequential improvement with steady growth in new orders [5] - Revenue for 2024H1 was RMB 3.358 billion, down 9.50% YoY, while net profit attributable to shareholders was RMB 493 million, down 64.50% YoY [5] - Q2 revenue was RMB 1.698 billion, down 10.92% YoY but up 2.28% QoQ, with net profit attributable to shareholders at RMB 258 million, down 68.56% YoY but up 9.66% QoQ [5] - The company is actively responding to industry cyclical changes, with new orders in 2024H1 showing good growth in both quantity and value [5] - 2024-2026 net profit forecasts were revised down to RMB 1.668 billion, RMB 2.056 billion, and RMB 2.290 billion, respectively [5] Business Performance Clinical Trial Technical Services - Revenue from clinical trial technical services in 2024H1 was RMB 1.637 billion, down 22.17% YoY [6] - As of June 2024, the company had 800 ongoing drug clinical research projects, an increase of 28 YoY [6] - The company is actively developing emerging business areas such as medical device clinical research, with 567 ongoing medical device projects as of June 2024 [6] Data Statistics and SMO Business - Revenue from clinical trial-related services and laboratory services in 2024H1 was RMB 1.659 billion, up 5.84% YoY [7] - The number of SMO projects increased from 1,952 at the end of 2023 to 2,110 in 2024H1, with 165 projects completed in the first half of 2024 [7] - The company is enhancing its integrated service capabilities, with 5,173 ongoing laboratory service projects [7] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 7.672 billion, RMB 8.531 billion, and RMB 9.585 billion, respectively [8] - Net profit attributable to shareholders for 2024E, 2025E, and 2026E is expected to be RMB 1.668 billion, RMB 2.056 billion, and RMB 2.290 billion, respectively [8] - EPS for 2024E, 2025E, and 2026E is forecasted to be RMB 1.93, RMB 2.38, and RMB 2.65, respectively [8] - The current P/E ratio is 26.4x for 2024E, 21.4x for 2025E, and 19.2x for 2026E [8]