PHARMARON(300759) 信达证券·2025-03-27 08:32Investment Rating - The investment rating for 康龙化成 (300759) is not explicitly stated in the provided documents, but the overall sentiment suggests a positive outlook for the company's performance in the coming years [2][3]. Core Insights - The company reported a revenue of 12.276 billion yuan in 2024, representing a year-on-year growth of 6.4%, and a net profit attributable to shareholders of 1.793 billion yuan, which is a 12.0% increase compared to the previous year [2][3]. - The company aims for a revenue growth of 10-15% in 2025, supported by a significant increase in new orders, which are expected to grow by over 20% [4][7]. Summary by Sections Financial Performance - In 2024, the company achieved quarterly revenues of 2.671 billion yuan, 2.934 billion yuan, 3.213 billion yuan, and 3.458 billion yuan, with Q4 showing a year-on-year growth of 16.1% [3]. - The Non-IFRS net profit for 2024 was 1.607 billion yuan, reflecting a decline of 15.6% year-on-year [2][3]. Customer and Revenue Breakdown - The company added over 900 new clients in 2024, contributing 655 million yuan to revenue, while existing clients generated 11.621 billion yuan, an 8.8% increase [3][4]. - Revenue from the top 20 global pharmaceutical clients reached 2.189 billion yuan, a 26.9% increase, accounting for approximately 17.8% of total revenue [4]. Regional Revenue Distribution - Revenue from North American clients was 7.853 billion yuan, up 6.1%, while European clients contributed 2.272 billion yuan, a 23.2% increase. Revenue from Chinese clients decreased by 6.5% to 1.847 billion yuan [4][5]. Business Segment Performance - Laboratory services generated 7.047 billion yuan in 2024, with a gross margin of 44.92%, and new orders increased by over 15% [5][6]. - CMC services reported 2.989 billion yuan in revenue, a 10.2% increase, with new orders growing by over 35% [5][6]. - Clinical research services achieved 1.826 billion yuan, a 5.1% increase, but faced margin pressure due to competitive pricing [6][7]. - The large molecule and cell & gene therapy services generated 408 million yuan, down 4.1%, with a negative gross margin as the business is still in the investment phase [6][7]. Earnings Forecast - The company is projected to achieve revenues of 13.926 billion yuan, 15.661 billion yuan, and 17.641 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.702 billion yuan, 1.974 billion yuan, and 2.298 billion yuan [8][9].