Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of HKD 45.45 for the next six months [4][6][18]. Core Insights - The company achieved a revenue of CNY 4.052 billion in 2024, representing a year-on-year growth of 90.80%, and a net profit attributable to shareholders of CNY 1.070 billion, up 277.24% year-on-year [2][4]. - The growth is attributed to the continuous increase in ADC project numbers, the steady advancement of group projects to later stages, and improvements in operational efficiency [2][3]. - The company signed 53 new comprehensive projects in 2024, with an unfulfilled order amounting to USD 991 million, reflecting a 71% increase [3]. Revenue and Profit Forecast - The company is projected to achieve revenues of CNY 5.589 billion, CNY 7.433 billion, and CNY 9.515 billion for the years 2025 to 2027, with year-on-year growth rates of 37.93%, 32.98%, and 28.02% respectively [12][20]. - The net profit attributable to shareholders is expected to be CNY 1.371 billion, CNY 1.696 billion, and CNY 2.076 billion for the same years, with growth rates of 28.09%, 23.76%, and 22.41% respectively [12][20]. Valuation Analysis - The report indicates that the company's current price-to-earnings (PE) ratio is 29.76, which is close to its historical average [14][18]. - The estimated earnings per share (EPS) for 2025 is projected to be CNY 1.14, corresponding to a PE of 37 times [4][18]. - The report highlights that the company is well-positioned to benefit from the growing demand for ADC drug development and the high outsourcing rate in the industry [17].
药明合联（02268）：项目持续增长且运营效率提升，2024年业绩延续高增长