Tigermed(300347) 华创证券·2024-11-14 04:10Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [18]. Core Views - The company's performance in Q3 2024 is under pressure due to multiple factors, including a decline in new order average prices and a decrease in clinical workload. However, there is optimism for a recovery in industry demand, which may lead to a rebound in the company's performance [1]. - The company has implemented effective cost control measures, resulting in a significant reduction in expense ratios in Q3 2024 [1]. - The trend of new orders is positive, with growth driven by demand from multinational pharmaceutical companies and domestic biotech firms. This trend is expected to continue, supporting future revenue growth [1]. - The forecast for net profit for 2024-2026 is adjusted to 12.52 billion, 15.55 billion, and 18.95 billion yuan, respectively, with corresponding EPS of 1.45, 1.80, and 2.19 yuan [1]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 5.068 billion yuan, a year-on-year decline of 10.32%, and a net profit of 813 million yuan, down 56.72% year-on-year [1]. - In Q3 2024 alone, revenue was 1.709 billion yuan, a year-on-year decrease of 11.87%, while net profit was 321 million yuan, down 34.74% year-on-year [1]. - The company’s total revenue for 2024 is projected to be 6.931 billion yuan, reflecting a year-on-year decline of 6.1%, with a recovery expected in subsequent years [2].