Menovo(SH:603538) Tianfeng Securities·2025-05-02 10:23Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a revenue of 1.373 billion yuan in 2024, representing a year-on-year increase of 12.85%, and a net profit attributable to the parent company of 67 million yuan, reflecting a significant year-on-year growth of 476.64% [1] - The company's collaboration with major clients continues to deepen, transitioning from supplying intermediates and raw materials to a full-chain cooperation model that includes raw materials, CDMO, and formulation [2][3] - The self-operated formulation business is expected to grow steadily due to successful bids in national and provincial centralized procurement [4] Financial Performance - The company forecasts revenues of 1.6497 billion yuan, 1.9175 billion yuan, and 2.1738 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 166.31 million yuan, 221.35 million yuan, and 274.47 million yuan for the same years [5] - The EBITDA for 2024 is estimated at 366.41 million yuan, with a growth rate of 24.86% [5] - The earnings per share (EPS) is projected to be 0.76 yuan in 2025, increasing to 1.26 yuan by 2027 [5] Market Position and Strategy - The company is strengthening its partnership with MSD in the CDMO sector, with ongoing development and production of multiple products [3] - The formulation capacity is expected to increase significantly in 2024, with a projected revenue growth of 51.9% for the company's TianKang division [2] - The company has successfully secured multiple bids in centralized procurement, which is anticipated to accelerate the growth of its self-operated formulation business [4]