Investment Rating - The report gives a "Buy" rating for the company for the first time, with a target price of 51.48 CNY based on a 52x P/E ratio for 2025 [5][8]. Core Insights - The company is a leading player in non-clinical safety evaluation in China, backed by strong resources from its parent company, China National Pharmaceutical Group [12][16]. - The CRO (Contract Research Organization) market is expected to see growth driven by increasing demand for innovative drug development and favorable policies [12][44]. - The company has a comprehensive range of GLP (Good Laboratory Practice) certifications, enabling it to provide international standard services [21][22]. Financial Forecast and Investment Recommendations - The projected EPS for 2025-2027 is 0.99, 1.16, and 1.42 CNY respectively, indicating significant growth potential due to the company's competitive advantages [5]. - Revenue is expected to grow from 1,038 million CNY in 2023 to 1,490 million CNY in 2027, with a CAGR of approximately 14.8% [7]. - The company's net profit is forecasted to increase from 194 million CNY in 2023 to 200 million CNY in 2027, reflecting a strong growth trajectory [7]. Company Overview - The company specializes in innovative drug research outsourcing services and ranks third in the domestic preclinical safety evaluation sector [12][29]. - It has successfully assisted in the research services of nearly 200 innovative drugs, covering a wide range of drug types including small molecules and ADCs (Antibody-Drug Conjugates) [12][31]. Market Trends - The CRO market is anticipated to maintain a double-digit growth rate, with global market size projected to reach 126 billion USD by 2028 [44][47]. - The report highlights a rebound in overseas demand for CRO services and an upward cycle in the domestic market, driven by improved financing conditions and increased willingness of domestic pharmaceutical companies to invest in innovative drug development [12][44].
益诺思（688710）：国内安评领先，转型综合CRO