PHARMARON(SZ:300759) Minsheng Securities·2024-04-26 09:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a Q1 revenue of 2.671 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 231 million yuan, down 33.80% year-on-year [2]. - New orders for laboratory services increased by over 10% year-on-year, indicating a recovery in downstream innovation demand [2]. - The company aims for a revenue growth target of over 10% for 2024, supported by a favorable policy environment for innovative drugs [2]. Financial Performance Summary - Q1 revenue breakdown: Laboratory services revenue was 1.605 billion yuan (down 2.92% YoY), small molecule CDMO revenue was 582 million yuan (down 2.67% YoY), and clinical research revenue was 392 million yuan (up 4.60% YoY) [2]. - The company expects revenues of 12.705 billion yuan, 14.613 billion yuan, and 16.770 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.654 billion yuan, 1.977 billion yuan, and 2.324 billion yuan [3][7]. - The projected PE ratios for 2024, 2025, and 2026 are 21, 17, and 15 respectively [3][7].