Tigermed(SZ:300347) Ping An Securities·2024-03-30 16:00Investment Rating - The report maintains a "Recommendation" rating for the company [2][6] Core Views - The company achieved a revenue of 7.384 billion yuan in 2023, representing a year-over-year increase of 4.2%, and a net profit attributable to shareholders of 2.025 billion yuan, up 0.9% year-over-year [4][6] - The report indicates that the industry is approaching a turning point, with expectations of improved business conditions due to stabilizing order prices and increasing industry concentration benefiting leading companies like the report's subject [4][6] Financial Performance Summary - Revenue for 2023: 73.84 billion yuan, with a gross margin of 38.6%, down 1.1 percentage points year-over-year [4][6] - The company plans to distribute a dividend of 5.68 yuan per 10 shares (including tax) [4] - The report forecasts revenue growth to 85.50 billion yuan in 2024, 106.13 billion yuan in 2025, and 134.47 billion yuan in 2026, with corresponding net profits of 2.271 billion yuan, 2.796 billion yuan, and 3.505 billion yuan respectively [5][6] - The gross margin is expected to slightly decline to 37.6% in 2024, with a gradual recovery to 38.3% by 2026 [5][8] Business Segment Analysis - Clinical trial technical services generated revenue of 4.168 billion yuan in 2023, with a gross margin of 38.2% [4] - The report highlights that the company has maintained stable expense ratios across sales, management, and R&D, indicating effective cost control [4][6] Market Outlook - The report suggests that the industry is at a bottoming phase, with expectations for market share gains for the company as the industry recovers [6][8] - The anticipated stabilization of pricing competition and the expected increase in demand for new drug development are seen as positive indicators for future growth [6][8]