PHARMARON(SZ:300759) Minsheng Securities·2024-03-27 16:00Investment Rating - The report maintains a "Recommended" rating for 康龙化成 (300759.SZ) [2][3] Core Views - 康龙化成 achieved a total revenue of 11.538 billion yuan in 2023, representing a year-on-year growth of 12.4%. The net profit attributable to shareholders was 1.601 billion yuan, up 16.5% year-on-year [2][3] - The company is actively expanding its global capacity to support business growth, with an expected revenue growth rate of over 10% in 2024 [2][3] - The integrated platform is steadily growing, with emerging businesses such as clinical research and CGT (Cell and Gene Therapy) rapidly expanding [2][3] Financial Performance Summary - Total revenue for 2023 was 11.538 billion yuan, with a growth rate of 12.4% [3] - Net profit attributable to shareholders for 2023 was 1.601 billion yuan, with a growth rate of 16.5% [3] - The projected revenues for 2024, 2025, and 2026 are 12.705 billion yuan, 14.613 billion yuan, and 16.770 billion yuan, respectively, with growth rates of 10.1%, 15.0%, and 14.8% [3][7] - The projected net profit for 2024, 2025, and 2026 is 1.653 billion yuan, 1.967 billion yuan, and 2.313 billion yuan, respectively [3][7] - The PE ratios for 2024, 2025, and 2026 are projected to be 22, 19, and 16, respectively [3][7] Business Segment Performance - Laboratory services revenue reached 6.660 billion yuan, growing 9.4% year-on-year, with over 51% of revenue coming from biological sciences [2] - CMC (Chemistry, Manufacturing, and Controls) revenue was 2.711 billion yuan, up 12.6% year-on-year, with approximately 85% of revenue from drug discovery clients [2] - Clinical research services generated 1.737 billion yuan, reflecting a 24.7% year-on-year increase, with a gross margin improvement of 5.59 percentage points to 17.1% [2] - Revenue from large molecules and CGT reached 425 million yuan, growing 21.2% year-on-year [2]