Tigermed(300347) 光大证券·2025-03-31 02:30Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company reported a revenue of 6.603 billion yuan for 2024, a year-over-year decrease of 10.58%, and a net profit attributable to shareholders of 405 million yuan, down 79.99% year-over-year, indicating performance below expectations [1] - The gross margin for the company's main business declined by 4.91 percentage points to 33.27%, primarily due to a decrease in order execution prices and cancellations of some domestic innovative drug clinical orders [2] - The company achieved a net new signed order growth of 7.3% to 8.42 billion yuan, with a total amount of contracts to be executed increasing by 12.1% to 15.78 billion yuan, suggesting stable future revenue growth [3] - The company is actively embracing digitalization and intelligence, focusing on developing AI models and platforms to optimize clinical trial processes [3] - Due to the decline in gross margin, the profit forecasts for 2025 and 2026 have been adjusted downwards to 1.2 billion yuan and 1.452 billion yuan, respectively, with a new forecast for 2027 set at 1.808 billion yuan [3] Summary by Sections Financial Performance - The company reported a revenue of 6.603 billion yuan in 2024, down from 7.384 billion yuan in 2023, with a projected revenue increase in subsequent years [8] - The net profit for 2024 is forecasted at 405 million yuan, significantly lower than 2.025 billion yuan in 2023, with a recovery expected in the following years [9] Profitability Metrics - The gross margin is projected to recover gradually, reaching 38.8% by 2027, after a decline to 34.0% in 2024 [11] - The return on equity (ROE) is expected to improve from 2.0% in 2024 to 7.5% by 2027 [11] Valuation Metrics - The price-to-earnings (P/E) ratio is forecasted to be 37 for 2025, 31 for 2026, and 25 for 2027, reflecting a gradual improvement in profitability [12] - The company’s total market capitalization is currently 44.744 billion yuan, with a share price of 51.73 yuan [4]