Tigermed(300347) 民生证券·2025-04-01 01:21Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 6.603 billion yuan in 2024, a decrease of 10.58% year-on-year, and a net profit of 405 million yuan, down 79.99% year-on-year [1]. - The company is experiencing short-term profitability pressure, but there is significant potential for profit recovery in the future [1]. - New order quantities and amounts have shown good growth year-on-year, driven by demand from multinational pharmaceutical companies and increased clinical needs from domestic and overseas biotech firms [2]. - The company is deepening its global layout and service capabilities, accelerating its internationalization process, particularly in North America [3]. - AI technology is being integrated into the company's solutions, enhancing its offerings in drug development and clinical trials [3]. Financial Performance Summary - In 2024, the company achieved total revenue of 6.603 billion yuan, with a projected revenue growth of 12.6% for 2025 and 2026, and 5.2% for 2027 [5][9]. - The net profit for 2024 is expected to be 405 million yuan, with significant growth anticipated in the following years, reaching 1.689 billion yuan in 2025 [5][9]. - The company's gross margin for Q4 2024 was reported at 17.70%, a decline of 15.12 percentage points year-on-year [1]. - The company has a projected PE ratio of 26 for 2025, decreasing to 21 by 2027, indicating improving valuation metrics over time [5][9].