Core Viewpoint - Goldman Sachs has adjusted its profit forecasts for Tigermed (300347) for 2025 to 2027, with a decrease of 29% for 2025, and increases of 2% for both 2026 and 2027, while slightly raising the target price for Tigermed's H-shares from HKD 63.4 to HKD 66.4 and for A-shares from RMB 78.7 to RMB 82.5, maintaining a "Buy" rating [1] Financial Performance - Tigermed expects its revenue for 2025 to be between RMB 6.66 billion and RMB 7.68 billion, which is higher than both Goldman Sachs' and market expectations [1] - The recurring net profit is projected to be between RMB 330 million and RMB 490 million, which falls short of Goldman Sachs' and market expectations, primarily due to higher-than-expected impairment provisions [1] - The net profit for the period is estimated to be between RMB 830 million and RMB 1.23 billion, also below Goldman Sachs' and market expectations, potentially reflecting timing differences in fair value changes and investment income, with some being deferred to the first quarter of 2026 [1] Industry Outlook - The company is viewed as a key beneficiary of structural growth opportunities in China's clinical CRO industry, with expectations of a recovery in business development activities and financing environment starting in 2025, which will drive domestic clinical demand [1] - There is potential for an increase in concept verification (POC) clinical trials by multinational pharmaceutical companies in China, providing further upside potential [1] - Significant contract conversions are expected to begin to materialize from the first half of 2026 [1]

该行继续视公司为中国临床CRO行业结构性增长机遇的主要受惠者，预期商业开发(BD)活动及融资环 境自2025年起复苏，推动国内临床需求；跨国药企在中国的概念验证(POC)临床试验潜在增加，提供进 一步上行空间，显著的合约转化或自2026年上半年起开始显现。 泰格医药公布盈利预告，预计2025年收入介乎66.6亿至76.8亿元人民币(下同)，较该行及市场预期高。 经常性净利润介乎3.3亿至4.9亿元，则逊该行及市场预期，主要由于减值拨备高于预期。期内净利润为 8.3亿至12.3亿元，亦低于该行及市场预期，或反映公允价值变动及投资收益的时间性差异，部分或延后 至2026年第一季确认。 智通财经APP获悉，高盛发布研报称，将泰格医药(03347)2025至2027年盈利预测分别下调29%、上调 2%及上调2%，将泰格医药H股目标价由63.4港元微升至66.4港元，泰格医药A股(300347.SZ) 目标价由 78.7元人民币升至82.5元人民币，均予"买入"评级。 ...