Core Viewpoint - The company maintains a "Buy" rating for Hong Kong stocks and raises the target price to HKD 20, while upgrading the A-share rating to "Buy" with a target price of RMB 32 [1][5]. Financial Performance - For Q4 2024, the company's revenue reached RMB 12.276 billion, reflecting a year-on-year increase of 6.4%, aligning with the upper end of the previous profit forecast [2]. - Adjusted net profit attributable to shareholders was RMB 1.607 billion, down 15.6% year-on-year, closely matching the median of the prior profit forecast [2]. - Q4 2024 revenue was RMB 3.458 billion, showing a year-on-year increase of 16.1% and a quarter-on-quarter increase of 7.6% [2]. - The adjusted non-IFRS net profit for Q4 2024 was RMB 499 million, up 1.7% year-on-year and 19.7% quarter-on-quarter [2]. Segment Performance - CMC (Contract Manufacturing and Consulting) services led revenue growth in Q4 2024, achieving a year-on-year growth rate of 26.9% and a quarter-on-quarter growth rate of 26.4% [3]. - Laboratory services also showed significant growth, with a year-on-year increase of 14.9%, although it experienced a slight decline of 1.0% quarter-on-quarter [3]. - Clinical research services saw a year-on-year growth of 9.5% and a quarter-on-quarter growth of 12.4%, despite ongoing pricing pressures [3]. - The CGT (Cell and Gene Therapy) segment continued to show weakness, with both revenue and gross margin declining year-on-year and quarter-on-quarter [3]. Future Outlook - The company expects revenue growth of 10%-15% in 2025, primarily driven by CMC and laboratory services [4]. - Management anticipates potential improvements in profit margins due to sustained revenue growth and no significant additional costs expected [4]. - The new order value for CMC services is projected to grow over 35% year-on-year, while laboratory services are expected to see a growth of over 20% year-on-year [4]. Target Price Adjustments - The target price for Hong Kong stocks has been raised to HKD 20, while the A-share target price has been adjusted to RMB 32, reflecting an 80% premium over the Hong Kong target price [5]. - The adjusted non-IFRS net profit estimates for 2025E and 2026E are RMB 1.79 billion and RMB 2.26 billion, respectively, due to slight adjustments in gross margin forecasts [5].