Shenwan Hongyuan Securities·2026-04-01 05:42Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 6.833 billion yuan for 2025, representing a year-on-year growth of 3.48%, while the net profit attributable to the parent company was 888 million yuan, a significant increase of 119.15% [4][7] - The clinical trial technical services business showed signs of recovery, with a revenue of 3.267 billion yuan in 2025, up 2.79% year-on-year, despite a decline in domestic innovative drug clinical operations due to industry cycles [7] - New order prices have stabilized, and net new orders returned to rapid growth, amounting to 10.16 billion yuan in 2025, a year-on-year increase of 20.7% [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2026E at 7.754 billion yuan, 2027E at 9.109 billion yuan, and 2028E at 11.154 billion yuan, with corresponding year-on-year growth rates of 13.5%, 17.5%, and 22.5% respectively [6] - The net profit attributable to the parent company is forecasted to be 1.177 billion yuan in 2026E, 1.382 billion yuan in 2027E, and 1.735 billion yuan in 2028E, with growth rates of 32.6%, 17.4%, and 25.5% respectively [6] - The company's projected PE ratios are 39 for 2026, 34 for 2027, and 27 for 2028, indicating a favorable valuation compared to peers [7]