PHARMARON(300759) 国泰君安·2024-11-02 01:38Investment Rating - The report maintains a "Buy" rating for 康龙化成 (300759) [4][3] Core Views - The company shows improvement in gross margin, a continuation of new order growth, and an optimized customer structure, indicating a positive long-term growth outlook [3] - Revenue for Q1-Q3 2024 reached 8.817 billion yuan, up 3.0% year-on-year, with net profit attributable to shareholders at 1.422 billion yuan, up 12.5% [3] - The report adjusts the EPS forecast for 2025-2026 to 1.10 yuan and 1.31 yuan respectively, down from previous estimates of 1.13 yuan and 1.35 yuan, while maintaining the 2024 EPS forecast at 0.98 yuan [3] - The target price is raised to 33.90 yuan from 27.16 yuan, reflecting a valuation premium based on comparable company valuations and the gradual ramp-up of backend business [3] Summary by Sections Financial Performance - Q3 2024 single-quarter revenue was 3.213 billion yuan, up 10.0%, with net profit at 308 million yuan, down 12.62% [3] - Laboratory services revenue for Q1-Q3 2024 was 5.219 billion yuan, up 2.95%, with a gross margin of 44.76% [3] - CMC revenue was 1.977 billion yuan, up 3.29%, with a gross margin of 30.82% [3] - Clinical research services revenue was 1.306 billion yuan, up 3.48%, with a gross margin of 13.20% [3] Order Growth and Customer Structure - New orders for Q1-Q3 2024 increased by over 18% year-on-year, with laboratory services and CMC new orders growing by over 12% and 30% respectively [3] - Revenue from the top 20 global pharmaceutical companies reached 1.293 billion yuan, accounting for 14.66% of total revenue [3] - Revenue from European clients grew by 15.74% to 1.527 billion yuan, while North American clients contributed 5.731 billion yuan, up 4.29% [3] Business Outlook - The report highlights improved operational efficiency and a favorable investment environment, suggesting that backend business development may exceed expectations [3]