Tigermed(SZ:300347) KAIYUAN SECURITIES·2024-04-29 05:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is experiencing a temporary performance pressure, but is expected to gradually recover in 2024. The decline in performance is primarily due to reduced COVID-related business and fluctuations in downstream market demand. However, the company has a solid order backlog, with a total contract amount of 14.08 billion yuan as of the end of 2023, representing a year-on-year growth of 2.1%, which supports stable growth in 2024 [6][7] - The company is recognized as a leading clinical CRO in China, with strong competitiveness and steady development in statistical and SMO (Site Management Organization) businesses. The projected net profits for 2024-2026 are 2.24 billion, 2.49 billion, and 2.82 billion yuan, respectively, with corresponding EPS of 2.57, 2.85, and 3.23 yuan [6][8] Financial Performance Summary - In Q1 2024, the company achieved operating revenue of 1.66 billion yuan, a year-on-year decline of 8.0%. The net profit attributable to the parent company was 235 million yuan, down 58.65% year-on-year, while the net profit after deducting non-recurring gains and losses was 303 million yuan, down 20.50% year-on-year [6] - The clinical trial technical services segment generated revenue of 4.168 billion yuan in 2023, reflecting a year-on-year growth of 1.04%. The number of ongoing drug clinical research projects reached 752, an increase of 72 projects year-on-year [7] - The statistical and SMO businesses also showed steady growth, with the number of global clients in the statistical business reaching 340, a year-on-year increase of 31.27%. The number of SMO projects increased from 1,621 at the end of 2022 to 1,952 [8] Financial Forecast Summary - The company's projected financial metrics for 2024-2026 include: - Operating revenue: 8.195 billion yuan (2024E), 9.194 billion yuan (2025E), 10.526 billion yuan (2026E) - Net profit attributable to the parent company: 2.24 billion yuan (2024E), 2.49 billion yuan (2025E), 2.82 billion yuan (2026E) - EPS: 2.57 yuan (2024E), 2.85 yuan (2025E), 3.23 yuan (2026E) - P/E ratios: 22.5 (2024E), 20.2 (2025E), 17.9 (2026E) [9][10]