PHARMARON(300759) 中原证券·2025-01-28 01:39Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [9][13]. Core Views - The company, established in 2004, specializes in drug research, development, and production services, providing integrated services across four main business segments: laboratory services, CMC services (small molecule CDMO), clinical research services, and large molecule and cell and gene therapy services [7][9]. - The company forecasts a revenue of 12 billion to 12.346 billion yuan for 2024, representing a year-on-year growth of 4% to 7%. The net profit is expected to be between 1.729 billion and 1.857 billion yuan, reflecting an 8% to 16% increase [9]. - The earnings per share (EPS) for 2024 is projected to be between 0.98 and 1.05 yuan, with corresponding price-to-earnings (P/E) ratios of 25.24, 22.52, and 19.00 for the years 2024, 2025, and 2026 respectively [9][10]. Financial Summary - Revenue and profit forecasts for the company are as follows: - 2022A: Revenue of 10,266 million yuan, net profit of 1,375 million yuan - 2023A: Revenue of 11,538 million yuan, net profit of 1,601 million yuan - 2024E: Revenue of 12,190 million yuan, net profit of 1,751 million yuan - 2025E: Revenue of 13,980 million yuan, net profit of 1,962 million yuan - 2026E: Revenue of 16,302 million yuan, net profit of 2,325 million yuan [8][10]. - The company’s gross margin is reported at 33.87%, with a diluted return on equity (ROE) of 10.62% and a debt-to-asset ratio of 40.49% [2][9].