Tigermed(SZ:300347) Guotai Junan Securities·2024-04-06 16:00Investment Rating - The report maintains a "Buy" rating for the company, Tigermed (300347) [1][5] - The target price is set at 67.08 CNY, down from the previous forecast of 85.44 CNY [1][5] Core Insights - The company's performance in 2023 was slightly below expectations, with steady revenue growth but significant profit fluctuations due to multiple factors [1][5] - Fresh orders continue to increase, and overseas business is expanding steadily, which is expected to bring additional revenue in the future [1][5] - The report highlights that the clinical trial technology service segment saw revenue growth, while specific vaccine project trials decreased, impacting overall performance [1][5] Financial Summary - The company reported a total revenue of 73.84 billion CNY in 2023, reflecting a 4.21% increase [1][5] - The net profit attributable to shareholders was 20.25 billion CNY, a 0.91% increase, while the non-recurring net profit was 15.40 billion CNY, showing a decline of 4.05% [1][5] - The report indicates that the gross profit margin decreased by 3.6 percentage points, primarily due to high costs associated with new product launches and external financing environment fluctuations [1][5] Segment Performance - Clinical trial technology service revenue was 41.68 billion CNY, up 1.04%, while clinical trial-related services and laboratory services revenue increased by 8.51% to 31.21 billion CNY [1][5] - The report notes that the company has 23 ongoing clinical projects, with a total contract amount of 140.8 billion CNY, indicating a robust pipeline for future growth [1][5] Market Position - The company is recognized as a leading Clinical Research Organization (CRO) in China, providing comprehensive services for pharmaceutical product development [5][6] - The report emphasizes the company's competitive advantages and solid growth prospects, supported by ongoing domestic and international business expansion [1][5]