康龙化成：新签订单持续保持良好态势，大订单影响有望逐步消除

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a continuous improvement in new orders, indicating a steady recovery in overall business performance. The growth in new orders is attributed to the gradual recovery of overseas client demand and the advancement of more service projects into the later stages of clinical development [1][2] - The financial forecasts indicate a projected revenue increase from 11,538 million yuan in 2023 to 15,979 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.11% [1][10] - The net profit is expected to grow from 1,601.10 million yuan in 2023 to 2,223.19 million yuan by 2026, with a net profit margin improvement anticipated [1][11] Financial Performance Summary - Revenue (in million yuan): - 2022: 10,266.29 - 2023: 11,538.00 - 2024E: 12,072.30 - 2025E: 13,881.54 - 2026E: 15,979.41 - Year-on-Year Growth Rate: 2023: 12.39%, 2024E: 4.63%, 2025E: 14.99%, 2026E: 15.11% [1] - Net Profit (in million yuan): - 2022: 1,374.60 - 2023: 1,601.10 - 2024E: 1,718.27 - 2025E: 1,876.64 - 2026E: 2,223.19 - Year-on-Year Growth Rate: 2023: 16.48%, 2024E: 7.32%, 2025E: 9.22%, 2026E: 18.47% [1] - Earnings Per Share (in yuan): - 2022: 0.77 - 2023: 0.90 - 2024E: 0.96 - 2025E: 1.05 - 2026E: 1.24 [1] - Price-to-Earnings (P/E) Ratio: - 2022: 37.44 - 2023: 32.14 - 2024E: 29.95 - 2025E: 27.42 - 2026E: 23.15 [1] - Price-to-Book (P/B) Ratio: - 2022: 4.88 - 2023: 4.10 - 2024E: 3.59 - 2025E: 3.17 - 2026E: 2.79 [1] Market Trends and Order Growth - The company reported a new order growth of over 3.00 billion yuan in the first three quarters of 2024, driven by the recovery of overseas client demand and the expansion of service projects into advanced clinical stages [1][2] - The overall gross margin for the company is expected to stabilize as the business gradually recovers, with a focus on maintaining competitive advantages in integrated and multi-therapy platforms [1][10]