PHARMARON(SZ:300759) Haitong Securities·2025-04-01 08:44Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report highlights that the company, 康龙化成, has maintained a steady growth in revenue and profit throughout the year, with an accelerating revenue growth rate quarter by quarter. The adjusted profit for Q4 2024 is expected to recover [6][10]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 11,538 million yuan, with a year-on-year growth of 12.4%. The net profit was 1,601 million yuan, reflecting a 16.5% increase year-on-year. For 2024, the revenue is projected to be 12,276 million yuan, a 6.4% increase, and the net profit is expected to reach 1,793 million yuan, up 12.0% year-on-year [5][6]. Business Segment Performance - Laboratory Services: Revenue reached 7,047 million yuan in 2024, growing by 5.8% year-on-year, with a gross margin of 44.4%. The segment saw a 15%+ increase in new orders [6]. - CMC Business: Generated 2,989 million yuan in revenue, a 10.2% increase, with a gross margin of 33.1%. New orders grew by 35%+ [6]. - Clinical Research Services: Revenue was 1,826 million yuan, up 5.1%, with a gross margin of 12.8%. The segment faced some margin pressure due to increased competition [6]. - Large Molecule and Cell & Gene Therapy Services: Revenue declined to 408 million yuan, down 4.1%, with a negative gross margin of 50.1% due to construction investments [7]. Financial Forecasts - The company forecasts revenues of 14,098 million yuan in 2025, 16,104 million yuan in 2026, and 18,250 million yuan in 2027, with respective year-on-year growth rates of 14.8%, 14.2%, and 13.3% [5][10]. - The expected net profits for 2025, 2026, and 2027 are 1,928 million yuan, 2,356 million yuan, and 2,914 million yuan, with growth rates of 7.5%, 22.2%, and 23.7% respectively [10]. Valuation - The report suggests a reasonable valuation range for the company at 32.53 to 37.96 yuan per share, based on a projected PE ratio of 30-35 times for 2025 [10].