PHARMARON(300759) 广发证券·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4]. Core Views - The company achieved a revenue of 11.538 billion RMB in 2023, representing a year-on-year growth of 12.39%, with a gross margin of 35.75%. The net profit attributable to shareholders reached 1.601 billion RMB, up 16.48% year-on-year, while the adjusted non-GAAP net profit was 1.903 billion RMB, reflecting a growth of 3.77% [2][3]. - The company added over 800 new clients in 2023, serving a total of over 2,800 clients globally, demonstrating robust growth despite a cooling phase in global healthcare investment [2]. - The company is actively expanding its new molecular business, with laboratory services generating revenue of 6.660 billion RMB (up 9.38% year-on-year) and a gross margin of 44.28%. The small molecule CDMO segment achieved revenue of 2.711 billion RMB (up 12.64% year-on-year) with a gross margin of 33.68% [2][3]. - The CMC projects are progressing, with 885 drug molecules or intermediates involved in CMC services, including 29 projects in process validation and commercialization, and 27 projects in clinical phase III [3]. Financial Summary - The company’s revenue is projected to grow from 12.762 billion RMB in 2024 to 17.103 billion RMB in 2026, with corresponding net profits of 1.704 billion RMB and 2.391 billion RMB respectively [7]. - The earnings per share (EPS) are expected to be 0.95 RMB in 2024, 1.14 RMB in 2025, and 1.34 RMB in 2026, with price-to-earnings (P/E) ratios of 21.39, 17.89, and 15.24 respectively [3][7]. - The report suggests a reasonable value of 25.74 RMB per share for A-shares and 12.10 HKD per share for H-shares based on a 27x P/E valuation for 2024 [3][4].