新股报告：太美医疗科技

Investment Rating - Neutral rating with a score of 68 out of 100 [1] Core Views - The company, TaiMed Technology (2576 HK), is a leading provider of digital services and software for the medical science industry, with digital services accounting for 82% of its 2023 revenue [1] - The company has established a strong reputation in China, serving 1,400 pharmaceutical companies and 700 national drug clinical trial institutions, with 80% being top-tier hospitals [1] - TaiMed is the only company in China offering a comprehensive clinical research and marketing digital platform, with most of its products ranking first in market share [1] - The company's revenue grew from RMB 470 million in 2021 to RMB 570 million in 2023, with a CAGR of 10.9%, but net losses decreased from RMB 480 million to RMB 360 million during the same period [2] - The company's valuation is higher than its peers, with a historical P/S ratio of 8.8-11.5x and a historical P/B ratio of 4.85-6.10x [4] Industry Prospects - The demand for digital solutions in medical science R&D and marketing is increasing, with the market size expected to grow from RMB 97 billion in 2023 to RMB 243 billion by 2028 [1] - The R&D digital solutions market is projected to grow from RMB 64 billion in 2023 to RMB 163 billion by 2028, while the marketing digital solutions market is expected to increase from RMB 33 billion to RMB 80 billion during the same period [1] Company Operations - The company's revenue increased by 2.2% YoY in Q1 2024 to RMB 130 million, with gross margin improving from 29.8% to 37.5% [2] - However, net losses widened in Q1 2024 due to increased management expenses from equity incentives [2] - The company's order backlog decreased by 1.1% at the end of 2023 and further by 0.5% at the end of Q1 2024, indicating a slowdown in new orders [2] - The number of clients decreased from 1,107 at the end of 2023 to 867 at the end of Q1 2024, suggesting client attrition [2] Valuation - The company's valuation is higher than its peers, with a historical P/S ratio of 8.8-11.5x and a historical P/B ratio of 4.85-6.10x [4] - Compared to peers like Cloud Healthcare (9955 HK), Yidu Tech (2158 HK), and MedSci Health (2415 HK), TaiMed's valuation multiples are significantly higher [4] Market Sentiment - In the past 12 months, 59.5% of the 74 newly listed companies in Hong Kong saw their share prices rise on the first day of trading [5] - Recent policies supporting capital market liquidity have improved investment confidence in Hong Kong, leading to a more favorable market atmosphere [5]