诺思格：2024年中报点评：数据管理与统计分析服务表现亮眼，临床试验运营服务业务承压

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 53 yuan, corresponding to a market value of 5.1 billion yuan based on a PE ratio of 34 times for 2024 [1][2]. Core Insights - The company reported a revenue of 379 million yuan for the first half of 2024, representing a year-on-year growth of 4.7%. However, the net profit attributable to shareholders decreased by 31.9% to 59 million yuan [1]. - The clinical trial operation service revenue declined by 10.71% to 161 million yuan, while the data management and statistical analysis service revenue surged by 42.15% to 51 million yuan, indicating a strong performance in this segment [2]. - The gross margin for data management and statistical analysis services improved significantly, while the clinical trial operation services faced pressure due to competitive market conditions [2]. - The government has approved policies to support the development of innovative drugs, which is expected to positively impact the demand for the company's services in the clinical CRO segment [2]. Financial Summary - For 2024, the company is projected to achieve a net profit of 149 million yuan, a decrease of 8.1% year-on-year, with earnings per share (EPS) expected to be 1.56 yuan [3]. - Revenue is forecasted to grow to 789 million yuan in 2024, with a year-on-year growth rate of 9.3% [3]. - The company’s gross margin for data management and statistical analysis services is projected to be 50.15%, reflecting an increase of 8.06 percentage points [2].