PHARMARON(300759) 开源证券·2024-11-01 14:40Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown a steady growth in new orders, achieving a mild recovery for three consecutive quarters, with a year-on-year increase of over 18% in new orders for Q1-Q3 2024 [1][3] - The company is expected to maintain its long-term development outlook, with profit forecasts for 2024-2026 being 1.784 billion, 2.003 billion, and 2.398 billion yuan respectively, and corresponding EPS of 1.00, 1.12, and 1.34 yuan [1][2] Financial Performance Summary - For Q1-Q3 2024, the company achieved operating revenue of 8.82 billion yuan, a year-on-year increase of 24.8% [2] - The adjusted net profit for Q1-Q3 2024 was 1.42 billion yuan, a year-on-year decline of 12.6% [2] - The laboratory services segment generated revenue of 5.22 billion yuan, up 3.0% year-on-year, with a strong growth in the biological sciences business [3] - The CMC business achieved revenue of 1.98 billion yuan, a year-on-year increase of 3.3%, with new orders growing over 30% [3] - Clinical research services generated revenue of 1.31 billion yuan, a year-on-year increase of 3.5% [4] Earnings Forecast Summary - The company forecasts operating revenues of 12.746 billion, 14.470 billion, and 16.526 billion yuan for 2024E, 2025E, and 2026E respectively, with year-on-year growth rates of 10.5%, 13.5%, and 14.2% [5] - The net profit attributable to the parent company is projected to be 1.784 billion, 2.003 billion, and 2.398 billion yuan for the same periods, with year-on-year growth rates of 11.4%, 12.3%, and 19.7% [5]