PHARMARON(300759) 华西证券·2025-03-27 12:16Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's performance in 2024 met market expectations, with a revenue of 12.276 billion yuan, a year-on-year increase of 6.39%, and a net profit attributable to shareholders of 1.793 billion yuan, a year-on-year increase of 12.01% [1][2] - The company has seen a significant increase in new orders, with new order amounts growing over 20% year-on-year, indicating a strong foundation for future performance growth [2][3] - The company is expected to benefit from a global economic recovery, with adjusted revenue forecasts for 2025-2027 reflecting an upward trend in performance [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 12.276 billion yuan, with a year-on-year growth of 6.4% and a net profit of 1.793 billion yuan, reflecting a 12.0% increase [8] - The adjusted net profit for 2024 is projected to be 1.607 billion yuan, a decrease of 15.6% compared to the previous year [2] - The company’s Q4 2024 revenue reached 3.458 billion yuan, marking a 16.1% year-on-year increase [2] Order Growth - The company reported a record high in overseas customer visits in 2024, with new orders showing an accelerating trend [2] - New orders for laboratory services and CMC services grew by 12%+ and 32%+ respectively in the first three quarters of 2024 [6] Future Outlook - The company has provided a revenue guidance of 10%-15% growth for 2025, supported by the rapid increase in orders and ongoing cost reduction efforts [2] - Revenue forecasts for 2025-2027 have been adjusted to 14.016 billion yuan, 16.405 billion yuan, and 19.454 billion yuan respectively, with corresponding EPS estimates of 1.00 yuan, 1.24 yuan, and 1.56 yuan [3][8]