PHARMARON(300759) Changjiang Securities·2024-11-11 05:55Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Insights - The company reported a revenue of 8.817 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 3.00%. The net profit attributable to shareholders was 1.422 billion yuan, up 24.82% year-on-year. However, the adjusted net profit under non-IFRS was 1.107 billion yuan, a decrease of 21.60% compared to the same period last year [3][4]. - In Q3, the company achieved a revenue of 3.213 billion yuan, which is a 10.02% increase year-on-year and a 9.51% increase quarter-on-quarter. The adjusted net profit for this quarter was 417 million yuan, down 13.20% year-on-year, but the decline has narrowed [3]. - The revenue breakdown shows that North American clients contributed 5.731 billion yuan (64.99% of total revenue), European clients contributed 1.527 billion yuan (17.32%), Chinese clients contributed 1.329 billion yuan (15.07%), and other regions contributed 230 million yuan (2.62%) [3]. - New orders have shown a continuous recovery, with a year-on-year increase of over 18% in new contracts for the first three quarters of 2024, driven by the gradual recovery of overseas client demand and more services entering mid-to-late clinical development stages [3]. - The company is focusing on CDMO and clinical business as key breakthrough areas while advancing its layout in large molecules and CGT. The integrated platform is becoming increasingly robust, with traditional businesses improving alongside the recovery of overseas markets, and emerging businesses showing promising future potential [3]. Financial Summary - For 2024, the company is projected to achieve net profits of 1.865 billion yuan, 1.816 billion yuan, and 2.105 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to a PE ratio of 30, 30, and 26 times [3][7]. - The total revenue for 2023 is estimated at 11.538 billion yuan, with a projected increase to 12.051 billion yuan in 2024 and further growth to 15.720 billion yuan by 2026 [7]. - The company’s net profit for 2023 is expected to be 1.582 billion yuan, with projections of 1.832 billion yuan in 2024 and 2.073 billion yuan in 2026 [7]. Market Performance - The current stock price is 30.93 yuan, with a total share capital of 178.739 million shares. The highest and lowest prices in the last 12 months were 37.00 yuan and 17.70 yuan, respectively [4]. - The company’s market performance is benchmarked against the CSI 300 index, with a target of outperforming the index by more than 10% for a "Buy" rating [8].