PHARMARON(300759) 开源证券·2024-03-30 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's core business is developing steadily, and new business initiatives are continuously opening up growth opportunities [4][5] - In 2023, the company achieved revenue of 11.54 billion yuan, a year-on-year increase of 12.39%, and a net profit attributable to shareholders of 1.60 billion yuan, up 16.48% year-on-year [4] - The company has expanded its customer base significantly, adding over 800 new clients, contributing approximately 859 million yuan in revenue [4] - The report anticipates a decrease in profit forecasts for 2024-2025 due to slowing downstream demand, while also introducing profit forecasts for 2026 [4] Financial Performance Summary - In 2023, the laboratory services and CMC business generated revenues of 6.66 billion yuan and 2.71 billion yuan, respectively, with growth rates of 9.38% and 12.64% [5] - Clinical research services saw revenue of 1.74 billion yuan in 2023, a year-on-year increase of 24.66%, with a gross margin of 17.05% [6] - The company expects net profits for 2024-2026 to be 1.79 billion yuan, 2.02 billion yuan, and 2.43 billion yuan, respectively, with corresponding EPS of 1.00 yuan, 1.13 yuan, and 1.36 yuan [4][7] - The current stock price corresponds to P/E ratios of 20.4, 18.0, and 15.0 for the years 2024, 2025, and 2026, respectively [4] Business Development - The company participated in 764 drug discovery projects in 2023, a 17% increase from the previous year [5] - The new Ningbo third park is expected to gradually come into operation in 2024, enhancing the company's capabilities in safety assessment, pharmacokinetics, and toxicology [5] - The new business segments, including large molecules and CGT, generated a combined revenue of 425 million yuan in 2023, growing by 21.06% [6]