Tigermed(300347) 华创证券·2024-09-04 01:14Investment Rating - The report maintains a "Recommend" rating for Tigermed (300347) with a target price of 69 CNY, compared to the current price of 48.44 CNY [1] Core Views - Tigermed's Q2 2024 performance showed sequential improvement, with revenue reaching 1.698 billion CNY, a 2.28% increase QoQ, and non-GAAP net profit of 337 million CNY, up 11.29% QoQ [1] - The company's new order trends are positive, with both the number and value of new contracts showing good YoY growth, driven by increased demand from multinational pharmaceutical companies in China and overseas clinical needs from Chinese pharmaceutical and biotech companies [2] - Tigermed's profitability remains strong, with clinical trial technical services gross margin at 38.36% and clinical trial-related and laboratory services gross margin at 39.88% in H1 2024 [2] Financial Performance - H1 2024 revenue was 3.358 billion CNY, down 9.50% YoY, with non-GAAP net profit of 640 million CNY, a 19.30% YoY decrease [1] - Revenue from clinical trial technical services was 1.637 billion CNY, down 22.17% YoY, while clinical trial-related and laboratory services revenue grew 5.84% YoY to 1.659 billion CNY [2] - Domestic revenue accounted for 1.822 billion CNY, down 11.48% YoY, while overseas revenue was 1.474 billion CNY, down 8.58% YoY, but showed positive growth excluding specific vaccine project revenues from H1 2023 [2] Business Segments - Clinical trial technical services: 1.637 billion CNY revenue in H1 2024, down 22.17% YoY [2] - Clinical trial-related and laboratory services: 1.659 billion CNY revenue in H1 2024, up 5.84% YoY, with SMO revenue showing significant growth and data statistics performing steadily [2] Regional Performance - Domestic market: 1.822 billion CNY revenue in H1 2024, down 11.48% YoY [2] - Overseas market: 1.474 billion CNY revenue in H1 2024, down 8.58% YoY, but showing positive growth excluding specific vaccine project revenues from H1 2023, with particularly strong growth in North American clinical operations [2] Future Projections - Revenue forecasts for 2024-2026 are 7.66 billion, 8.25 billion, and 9.09 billion CNY respectively [2] - Net profit attributable to parent company is projected to be 1.50 billion, 1.61 billion, and 1.89 billion CNY for 2024-2026 [2] - EPS is expected to be 1.73, 1.86, and 2.19 CNY for 2024-2026 [2] Valuation - The report values Tigermed at 60 billion CNY using discounted cash flow valuation, corresponding to a target price of 69 CNY [2] - The company's P/E ratios are projected at 28x, 26x, and 22x for 2024-2026 [3]