康龙化成：业绩逐季度改善，四大业务板块经营稳健-20250327

Investment Rating - The investment rating for 康龙化成 (300759) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance and growth expectations outlined in the report [2][3]. Core Insights - The company achieved 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 expects to recover to double-digit growth in 2025, with a target revenue growth of 10-15% [4][7]. Summary by Sections Performance Overview - In 2024, the company reported quarterly revenues of 2.671 billion yuan, 2.934 billion yuan, 3.213 billion yuan, and 3.458 billion yuan, with Q1 showing a decline of 2.0% year-on-year, while Q2, Q3, and Q4 showed growth rates of 0.6%, 10.0%, and 16.1% respectively [3]. - The company added over 900 new clients in 2024, contributing 655 million yuan to revenue, while existing clients contributed 11.621 billion yuan, an 8.8% increase [3]. Revenue Breakdown - Revenue from North American clients was 7.853 billion yuan, a 6.1% increase, while European clients contributed 2.272 billion yuan, a 23.2% increase. Revenue from Chinese clients was 1.847 billion yuan, a decline of 6.5% [4]. - The major growth driver was the contribution from the top 20 global pharmaceutical companies, which accounted for 2.189 billion yuan, a 26.9% increase [4]. Business Segments - Laboratory services generated 7.047 billion yuan in revenue, a 5.8% increase, with a gross margin of 44.92% [5]. - CMC services achieved 2.989 billion yuan in revenue, a 10.2% increase, with a gross margin of 33.62% [5]. - Clinical research services reported 1.826 billion yuan in revenue, a 5.1% increase, but faced margin pressure due to competitive pricing [6]. - The large molecule and cell & gene therapy services generated 408 million yuan, a decline of 4.1%, with a gross margin of -50.07% due to high operational costs [6]. Financial Projections - The company forecasts 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 [9][10]. - The expected EPS for 2025 is 0.96 yuan, with corresponding P/E ratios of 28.92 times [9].