静待拐点，订单端初显改善迹象

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company reported Q1 2024 revenue of 2.671 billion yuan, a year-over-year decrease of 2.0%, and a net profit attributable to shareholders of 231 million yuan, down 33.8% year-over-year. After adjusting for one-time losses and share-based compensation, the non-IFRS adjusted net profit was 339 million yuan, a decrease of 22.7% year-over-year, which is in line with market expectations [3][4] - The revenue from laboratory services was 1.605 billion yuan, down 2.9% year-over-year, while CMC service revenue was 582 million yuan, down 2.7% year-over-year. Clinical research service revenue increased by 4.6% year-over-year to 392 million yuan. The company expects improvements in gross margins due to scale effects and enhanced labor efficiency following the closure of its Shanghai laboratory [4][6] - New orders showed signs of improvement, with a year-over-year increase of over 20% in new signed orders for Q1 2024. Laboratory services new signed orders grew by over 10%, while CMC services saw a 40% increase in new signed orders [4][6] Financial Summary - For the fiscal year 2024, the company is projected to achieve revenue of 12.689 billion yuan, with a year-over-year growth of 10.0%. The net profit is expected to be 1.468 billion yuan, reflecting a decrease of 8.3% year-over-year. The gross margin is projected to be 34.4% [5][8] - The company's earnings per share (EPS) for 2024 is forecasted to be 0.82 yuan, down from the previous estimate of 1.13 yuan [6][8] - The company’s total assets are projected to be 25.074 billion yuan in 2024, with a debt-to-asset ratio of 43.2% [7][8]