Tigermed(300347) 开源证券·2025-04-01 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company is expected to face slight pressure on its performance in 2024 but is anticipated to return to growth in 2025, with a forecasted increase in orders [6]. - In 2024, the company achieved total revenue of 6.603 billion yuan, a year-on-year decrease of 10.58%, and a net profit attributable to the parent company of 0.405 billion yuan, down 42.13% year-on-year [6]. - The company’s gross margin for 2024 was 33.95%, a decline of 4.63 percentage points compared to the previous year [6]. - The company secured new contracts worth 10.12 billion yuan in 2024, with a net increase of 8.42 billion yuan, representing a year-on-year growth of 7.3% [6]. - The earnings per share (EPS) for 2025-2027 are projected to be 1.17, 1.26, and 1.39 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 44.3, 41.1, and 37.2 [6]. Financial Summary - In 2024, the company’s clinical trial technical service revenue was 3.178 billion yuan, a year-on-year decrease of 23.75% [7]. - The revenue from clinical trial-related services and laboratory services in 2024 was 3.296 billion yuan, an increase of 5.61% year-on-year [8]. - The company’s total assets as of the end of 2024 were 28.671 billion yuan, with total liabilities of 4.607 billion yuan [12]. - The projected revenue for 2025 is 7.111 billion yuan, reflecting a year-on-year increase of 7.7% [10].