PHARMARON(SZ:300759) KAIYUAN SECURITIES·2025-03-30 05:14Investment 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][4] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 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][4] 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] Business Segment Performance - The clinical research services segment generated revenue of 1.83 billion yuan in 2024, a year-on-year increase of 5.1% [5] - The new orders in the laboratory services segment grew by 15% year-on-year, while the CMC segment saw a strong growth of over 35% in new orders [4] - The new business segments of large molecules and CGT generated revenue of 410 million yuan in 2024, a decline of 4.2% year-on-year [5] Valuation Metrics - The company's projected P/E ratios for 2025, 2026, and 2027 are 27.3, 21.2, and 17.4 respectively [3][7] - The projected revenue growth rates for 2025, 2026, and 2027 are 11.2%, 13.9%, and 14.6% respectively [7] - The gross margin is expected to improve from 34.2% in 2024 to 38.7% in 2027 [7]