PHARMARON(300759) 招商证券·2025-03-27 15:11Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company achieved a revenue of 12.28 billion yuan in 2024, representing a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.79 billion yuan, up 12.0% year-on-year [1]. - The CMC segment showed significant quarterly growth, with new orders accelerating, indicating a strong market position and future revenue potential [7]. - The company is expected to see a revenue growth of 10-15% in 2025, with projected revenues of 13.74 billion yuan, 15.55 billion yuan, and 17.87 billion yuan for 2025, 2026, and 2027 respectively [7][8]. Financial Performance Summary - In 2024, the company reported a total revenue of 12.28 billion yuan, with a gross margin of 44.4%, reflecting a slight increase of 0.4 percentage points year-on-year [7]. - The CMC segment generated revenue of 2.99 billion yuan in 2024, with a year-on-year growth of 10.2% and a gross margin improvement from 27.3% in Q1 to 38.4% in Q4 [7]. - Clinical research services faced short-term profitability pressure, but are expected to stabilize in 2025, with a revenue of 1.83 billion yuan in 2024, up 5.1% year-on-year [7]. - The company’s adjusted net profit for 2024 was 1.61 billion yuan, down 15.6% year-on-year, with expectations of recovery in subsequent years [1][8]. Market Position and Growth Potential - The company has seen a record high in overseas client visits and a significant increase in new orders, with a year-on-year growth of over 20% in new contracts [7]. - The report highlights the company's core competitiveness as a leading global CRO service provider, with a strong outlook for continued growth in the CMC business [7].