Tigermed(SZ:300347) ZHESHANG SECURITIES·2025-04-14 14:14Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The report highlights the continuous upward development of the domestic innovative drug industry, with the company solidifying its leading position in clinical CRO and expecting sustained long-term performance growth due to international breakthroughs [1][11] - The company's 2024 revenue was reported at 6.603 billion RMB, a year-over-year decrease of 10.58%, primarily due to the impact of specific vaccine project bases and the cancellation of some domestic innovative drug clinical operation orders in H2 2024 [1][12] - The net profit attributable to the parent company for 2024 was 405 million RMB, reflecting a significant year-over-year decline of 79.99% [12] Summary by Sections Business Performance - Clinical trial technical service revenue for 2024 was 3.178 billion RMB, down 23.75% year-over-year, mainly due to the impact of specific vaccine projects and a decline in new order amounts for domestic innovative drug clinical operations [2] - Revenue from clinical trial-related and laboratory services was 3.296 billion RMB, showing a year-over-year increase of 5.61%, driven by strong demand and efficiency improvements [3] Profitability - The overall gross margin for 2024 was 33.95%, a decrease of 4.63 percentage points year-over-year, with clinical trial technical services gross margin at 29.56%, down 8.65 percentage points [4] - The report anticipates a gradual recovery in profitability, with expectations for gross margins to return to higher levels as order execution stabilizes [4] Order and Contract Insights - The company reported a net new contract amount of 8.42 billion RMB for 2024, a year-over-year increase of 7.3%, with a total backlog of contracts amounting to 15.78 billion RMB, up 12.1% year-over-year [11] - The overseas clinical operation business continues to grow rapidly, particularly in North America, with expectations for more high-quality MRCT orders [11] Financial Forecast - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 1.18, 1.40, and 1.70 RMB respectively, with a projected PE ratio of 38 times for 2025 [12]