PHARMARON(300759) 华泰证券·2025-03-27 03:09Investment Rating - The investment rating for the company is "Buy" [7][8] Core Views - The company is expected to see a recovery in demand in 2025, leading to improved performance throughout the year [1] - The company reported a revenue of 12.276 billion RMB for 2024, with a year-on-year growth of 6.39%, and an adjusted net profit of 1.793 billion RMB, reflecting a decrease of 3.67% [6][4] - The company has a strong order intake, with new orders exceeding 20% year-on-year in 2024, indicating robust growth potential [1][2] Summary by Sections Financial Performance - In 4Q24, the company achieved a revenue of 4.08 billion RMB, representing a year-on-year increase of 16.1% and a quarter-on-quarter increase of 7.6% [1] - The gross margin for 2024 was 34.2%, a decrease of 1.5 percentage points year-on-year, attributed to long-term development strategies and increased competition [1] Laboratory Services - The laboratory services segment generated revenue of 7.047 billion RMB in 2024, with a year-on-year growth of 5.8% [2] - The segment's gross margin improved to 44.9%, up 0.6 percentage points year-on-year, driven by advancements in core business capabilities and new technology applications [2] Other Business Segments - CMC (Contract Manufacturing and Consulting) revenue reached 2.989 billion RMB in 2024, with a year-on-year growth of 10.2% [3] - Clinical CRO (Contract Research Organization) revenue was 1.826 billion RMB, reflecting a year-on-year increase of 5.1% [3] - The large molecule and CGT (Cell and Gene Therapy) segment reported revenue of 408 million RMB, a decrease of 4.1% year-on-year, but is expected to trend upwards in 2025 [3] Profit Forecast and Valuation - The forecasted net profit for 2025 is 1.728 billion RMB, with a decrease of 3.67% compared to previous estimates [4] - The target price is set at 36.92 RMB for A-shares and 20.79 HKD for H-shares, based on a price-to-earnings ratio of 38x for A-shares and 20x for H-shares [4]