Tianfeng Securities·2025-05-19 01:51Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The CDMO sector is expected to see a continuous recovery in performance, driven by order demand, with a projected revenue of 831.91 billion yuan for 2024, a year-on-year decrease of 2.92%, and a net profit of 140.44 billion yuan, down 15.05% year-on-year. However, Q1 2025 shows a revenue increase of 11.35% year-on-year to 208.91 billion yuan and a significant net profit growth of 65.48% to 49.87 billion yuan [2][7] - The CRO sector faces performance pressure due to high base effects, with 2024 revenue at 165.36 billion yuan, down 7.22% year-on-year, and a net profit of 5.17 billion yuan, down 78.88% year-on-year. In Q1 2025, revenue decreased by 5.75% year-on-year to 36.72 billion yuan, but net profit rebounded by 104.57% to 3.12 billion yuan [3][10] Summary by Sections CDMO Sector - The CDMO sector includes 12 listed companies, with a total revenue of 831.91 billion yuan in 2024, a decrease of 2.92% year-on-year. The net profit is 140.44 billion yuan, down 15.05% year-on-year, and the net profit excluding non-recurring items is 136.37 billion yuan, down 16.25% year-on-year [2][7] - In Q1 2025, the CDMO sector's revenue reached 208.91 billion yuan, an increase of 11.35% year-on-year, with a net profit of 49.87 billion yuan, reflecting a growth of 65.48% year-on-year [6][7] - The order book for WuXi AppTec reached 523.3 billion yuan as of March 2025, a year-on-year increase of 47.1%, indicating strong demand recovery [4][7] CRO Sector - The CRO sector comprises 13 listed companies, with a total revenue of 165.36 billion yuan in 2024, down 7.22% year-on-year, and a net profit of 5.17 billion yuan, down 78.88% year-on-year [3][10] - In Q1 2025, the CRO sector's revenue was 36.72 billion yuan, a decrease of 5.75% year-on-year, while net profit surged by 104.57% to 3.12 billion yuan [9][10] - New order demand is recovering, with Sunshine Guohe signing new contracts worth 1.786 billion yuan in 2024, up 18.74% year-on-year, and Tigermed's new contract amount exceeding 2 billion yuan in Q1 2025, reflecting a growth rate of 20% [10]