PHARMARON(SZ:300759) KAIYUAN SECURITIES·2025-03-30 04:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a steady recovery with revenue growth accelerating quarter by quarter, and new orders have increased robustly [3][4] - In 2024, the company achieved operating revenue of 12.276 billion yuan, a year-on-year increase of 6.4%, and a net profit attributable to shareholders of 1.793 billion yuan, up 12.0% year-on-year [3][7] - The company expects net profit attributable to shareholders for 2025-2027 to be 1.771 billion, 2.274 billion, and 2.782 billion yuan respectively, with corresponding EPS of 1.00, 1.28, and 1.56 yuan [3][7] Financial Performance Summary - In 2024 Q4, the company achieved operating revenue of 3.459 billion yuan, a year-on-year increase of 16.2% and a quarter-on-quarter increase of 7.7% [3] - The adjusted Non-IFRS net profit for 2024 Q4 was 500 million yuan, a year-on-year increase of 1.8% and a quarter-on-quarter increase of 19.8% [3] - The laboratory services segment generated revenue of 7.05 billion yuan in 2024, up 5.8% year-on-year, while the CMC business achieved revenue of 2.99 billion yuan, a 10.2% increase year-on-year [4] - The clinical research services segment reported revenue of 1.83 billion yuan in 2024, a year-on-year increase of 5.1% [5] Order Growth and Market Position - The company experienced a robust growth in new orders, with a year-on-year increase of over 20% in 2024 [3] - The CMC segment saw a strong growth in new orders exceeding 35% in 2024 [4] - The company is positioned to benefit from the gradual recovery in the global biopharmaceutical industry [3]