新签订单同比增长20%+，全年有望逐渐回暖

Investment Rating - The investment rating for 康龙化成 (300759) is not explicitly stated in the report, but the analysis suggests a positive outlook based on new order growth and revenue projections [1]. Core Insights - The company reported a revenue of 2.671 billion yuan in Q1 2024, a year-on-year decrease of 1.95%, with a net profit attributable to shareholders of 231 million yuan, down 33.80% year-on-year [1]. - The report highlights a 20%+ year-on-year growth in new orders, indicating potential recovery in business performance [1]. - The company is undergoing business integration, which has impacted profit margins, with a gross margin of 32.66%, down 3.13 percentage points year-on-year [1]. - The report anticipates a gradual recovery in the industry, supported by an increase in active customers and overseas revenue growth of 27.5% [1]. Financial Performance Summary - For Q1 2024, the company achieved revenues of 1.605 billion yuan in laboratory services (down 2.9% YoY) and 582 million yuan in CMC services (down 2.7% YoY) [1]. - The gross margin for laboratory services was 44.1%, while for CMC services it was 27.9%, reflecting a decline due to increased costs [1]. - The company expects revenues of 12.766 billion yuan, 14.492 billion yuan, and 16.879 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 10.6%, 13.5%, and 16.5% [2]. - The net profit attributable to shareholders is projected to be 1.606 billion yuan, 1.944 billion yuan, and 2.454 billion yuan for the same years, with growth rates of 0.3%, 21.1%, and 26.2% respectively [2]. Operational Insights - The company has integrated its laboratory services in Shanghai and Ningbo/Beijing, resulting in a one-time loss but aims to enhance scale efficiency [1]. - The report notes a slight increase in expense ratios, with the total expense ratio for Q1 2024 at 22.88%, up 1.36 percentage points year-on-year [1]. - The number of new customers increased by over 800 in 2023, with active customers exceeding 2800, indicating a strong customer base for future growth [1].