PHARMARON(300759) 华泰证券·2025-03-27 06:30Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 12.276 billion RMB and a non-IFRS net profit of 1.607 billion RMB for 2024, which aligns with performance expectations, showing a year-on-year revenue growth of 6.4% and a decline in net profit of 15.6% [1] - The company is expected to see improved performance in 2025, driven by a recovery in industry demand and its leading technological capabilities [1][4] - The laboratory services segment generated a revenue of 7.047 billion RMB in 2024, with a year-on-year growth of 5.8%, and is projected to maintain steady growth in 2025 [2] - The CMC segment achieved a revenue of 2.989 billion RMB in 2024, reflecting a year-on-year increase of 10.2%, with significant new orders expected to drive growth in 2025 [3] - The clinical CRO segment reported a revenue of 1.826 billion RMB in 2024, with a year-on-year growth of 5.1%, and is anticipated to perform steadily in 2025 [3] Summary by Sections Financial Performance - The company’s 2024 revenue was 12.276 billion RMB, with a year-on-year increase of 6.39% [6] - The adjusted net profit for 2024 was 1.607 billion RMB, down 3.67% from the previous year [6] - The gross margin for 2024 was 34.2%, a decrease of 1.5 percentage points year-on-year [1] Revenue Forecast - The company is projected to achieve revenues of 13.685 billion RMB in 2025, representing an increase of 11.48% [6] - The net profit forecast for 2025 is 1.728 billion RMB, reflecting a decrease of 3.67% compared to 2024 [6] Valuation - The target price for the A/H shares is set at 36.92 RMB and 20.79 HKD for 2025, based on a price-to-earnings ratio of 38x for A shares and 20x for H shares [4][8] - The company is considered a rare platform-type enterprise in the industry, with significant global operational advantages [4]