诺思格：临床CRO领先企业，稳步提升运营效率

Investment Rating - The investment rating for the company is "Buy" [2]. Core Views - The company is a leading Clinical Research Organization (CRO) with a comprehensive integrated service layout, capable of providing full-chain clinical trial services including clinical trial operation services, site management services, biological sample testing services, data management and statistical analysis services, clinical trial consulting services, and clinical pharmacology services [2][31]. - The demand for new drug research and development remains strong, with expectations for industry recovery [2][68]. - The company is deepening its CRO full-chain services and continuously improving service efficiency, with a focus on both organic growth and external expansion [2][61]. Summary by Relevant Sections Company Overview - The company was established in 2008 and went public on the Shenzhen Stock Exchange in 2022, providing integrated drug clinical research services globally [31]. - Its main business includes clinical trial operation services, site management services, biological sample testing services, data management and statistical analysis services, clinical trial consulting services, and clinical pharmacology services [31][32]. Financial Performance - The company reported revenue of 721 million yuan in 2023, with projected revenues of 781 million yuan, 898 million yuan, and 1.047 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 8.3%, 14.9%, and 16.6% [4][15]. - The net profit attributable to the parent company for 2023 was 163 million yuan, with forecasts of 140 million yuan, 196 million yuan, and 255 million yuan for the following three years, indicating a year-on-year change of -13.9%, +40.2%, and +30.0% respectively [4][15]. Business Segments - Clinical trial operation services (CO services) are the company's core business, accounting for over 40% of revenue, although this segment has faced short-term pressure due to industry competition [61]. - Site management services (SMO services) have shown stable growth, with revenues increasing from 50 million yuan in 2018 to 186 million yuan in 2023, reflecting a compound annual growth rate (CAGR) of 30.05% [61]. - Data management and statistical analysis services have seen significant profitability improvements, with revenues of 51 million yuan in the first half of 2024, a year-on-year increase of 42.15% [62]. Market Trends - The global biopharmaceutical investment and financing trend is improving, with a reported 8% year-on-year increase in investment amounts for the first three quarters of 2024 [68]. - The demand for clinical trials remains strong, with a continuous increase in drug registration applications, supported by recent innovative pharmaceutical policies [68][72].