证券研究报告·公司点评报告 2026 年 2 月 25 日 江海证券研究发展部 执业证书编号：S1410524050001 | 投资评级： | 增持（维持） | | | --- | --- | --- | | 当前价格: | | 3.38元 | | 目标价格: | | 3.64元 | | 目标期限: | 6 | 个月 | 市场数据 | 总股本(百万股) | 2232.03 | | --- | --- | | A 股股本(百万股) | 2232.03 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 98.46 | | 12 个月最高/最低(元) | 4.08/2.12 | | 第一大股东 | 沈臻宇 | | 第一大股东持股比例(%) | 4.92 | | 上证综指/沪深 300 | 4117.41/4707.54 | % 1 个月 3 个月 12 个月 相对收益 -3.81 2.98 17.42 绝对收益 -3.70 8.68 35.74 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-黑龙江新质生产力公司深度 报告（首次覆盖)-誉衡药业-002437.SZ： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a slight decline in revenue for Q1 2025, with total revenue of 1.564 billion yuan, down 5.79% year-on-year, and a net profit attributable to shareholders of 165 million yuan, down 29.61% year-on-year [6] - New orders are gradually recovering, with a significant increase in new contract amounts, exceeding 2 billion yuan in Q1 2025, representing a 20% year-on-year growth [6] - The gross margin is showing signs of recovery, with Q1 2024 gross margin at approximately 30.03%, an increase of 12.34 percentage points quarter-on-quarter [6] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 71.11 billion, 78.79 billion, and 89.07 billion yuan, reflecting year-on-year growth rates of 7.69%, 10.80%, and 13.05% respectively [6] - The net profit attributable to shareholders is forecasted to be 1.08 billion, 1.26 billion, and 1.48 billion yuan for the years 2025 to 2027, with significant growth rates of 166.69%, 16.78%, and 17.57% respectively [6] Financial Summary - The company has a total share capital of 864.95 million shares and a market price of 44.79 yuan, resulting in a market capitalization of approximately 38.74 billion yuan [4] - The projected earnings per share (EPS) for 2025 is 1.25 yuan, with a price-to-earnings (P/E) ratio of 35.85 [4] - The return on equity (ROE) is expected to improve from 1.96% in 2024 to 6.07% in 2027 [4]

Summary of the Conference Call for Tigermed (2025 Q1) Company Overview - **Company**: Tigermed - **Industry**: Clinical Research Organization (CRO) Key Points Financial Performance - **Q1 Revenue**: Tigermed reported revenue of 1.56 billion yuan, a 20% increase quarter-on-quarter but a 5.8% decrease year-on-year [4] - **Gross Margin**: Overall gross margin was 30.03%, showing a year-on-year decline but a quarter-on-quarter improvement, primarily affected by the Clinical Trial Services (CTS) segment [2][4] - **Operating Cash Flow**: The company achieved operating cash flow of 198 million yuan, a 37.4% increase year-on-year, with a significant reduction in accounts receivable [5] - **Net New Orders**: New orders exceeded 2 billion yuan, reflecting a 20% year-on-year growth, attributed to strategic adjustments and a recovering domestic market [6] Segment Performance - **CTS Segment**: Revenue for the CTS segment was approximately 730 million yuan, down 12% year-on-year due to a decrease in new orders and a decline in average pricing [11] - **CROS Segment**: The CROS segment showed revenue growth year-on-year, with stable gross margins, indicating resilience despite challenges in the CTS segment [2][4] - **CLS Segment**: The CLS segment generated approximately 840 million yuan in revenue, with stable growth in site management services and laboratory services [12] Strategic Initiatives - **Digitalization and Automation**: Continued investment in digital and intelligent strategies, with stable management expenses despite related costs [7] - **Cost Control**: Focus on managing expenses, particularly in subsidiaries, with a notable emphasis on maintaining stable management costs [9] Market Dynamics - **Domestic Market Recovery**: The recovery of domestic orders is supported by favorable policies for innovative drugs and improved capital market conditions, expected to continue over the next 2-4 quarters [20][21] - **MNC Demand**: Multinational corporations (MNCs) are increasing their clinical research activities in China, with a notable rise in project numbers despite geopolitical uncertainties [16][18] Risks and Challenges - **Order Quality and Pricing**: The quality of new orders is expected to improve, with stable pricing observed in the domestic market, although there are concerns about the sustainability of this trend [6][19] - **Market Competition**: The CRO industry is experiencing a contraction among smaller players, which may lead to increased market share for Tigermed but also presents challenges in maintaining competitive pricing [24] Future Outlook - **Annual Goals**: The company aims for mid-double-digit growth in net new orders and over 1 billion yuan in net operating cash flow for the year [14] - **Investment Opportunities**: Continued exploration of value realization channels for innovative drug assets, with a focus on both domestic and international markets [15] Additional Insights - **Impact of Geopolitics**: Geopolitical uncertainties have had a limited impact on MNCs' R&D activities in China, as these activities are primarily driven by local market demands [18] - **Market Share Growth**: Tigermed's market share has been increasing, reflecting the overall improvement in the supply side of the CRO industry [25]