Core Viewpoint - The company reported a slight revenue beat in Q1 2025, with adjusted Non-IFRS net profit slightly below expectations, primarily due to higher-than-expected losses from non-operating items [1] Revenue Performance - Q1 2025 revenue reached RMB 3.099 billion, representing a 16% year-over-year increase but a 10.4% quarter-over-quarter decline, slightly above expectations [1] - Laboratory services and clinical research services outperformed expectations, contributing to revenue growth [1][2] Segment Analysis - Laboratory services revenue grew by 15.7% YoY and 1.6% QoQ, with gross margin slightly improving by 1.4 percentage points YoY and 0.2 percentage points QoQ [2] - CMC services revenue increased by 19.1% YoY but decreased by 31.5% QoQ, with a gross margin improvement of 2.5 percentage points YoY [2] - Clinical research services revenue rose by 14.2% YoY and fell by 14% QoQ, with gross margin also improving by 2.5 percentage points YoY [2] - CGT revenue grew by 7.9% YoY and 2.2% QoQ, although gross margin declined significantly by 30.3 percentage points YoY due to increased operational and depreciation costs [2] Order Growth - Overall new orders in Q1 2025 achieved a growth rate of over 10% YoY, with CMC's backlog orders growing by over 20% YoY [3] - Management maintains a revenue guidance of 10%-15% growth for the full year 2025, despite a slowdown in new order growth compared to previous quarters [3] External Factors - The impact of tariffs on the company is limited, with minimal reliance on U.S. sourced materials, and the company is well-prepared with sufficient inventory [4] - The recovery of overseas biopharmaceutical financing remains slow, with only signs of moderate recovery in VC financing [4] Investment Rating - The company maintains a "Buy" rating, with target prices set at HKD 20 for Hong Kong shares and RMB 32 for A-shares, reflecting a premium of 80% for A-shares compared to Hong Kong shares [5]

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 27.00 CNY per share for the next six months [4][6]. Core Insights - The company has shown a recovery in new orders and project deliveries, leading to improved performance in Q1 2025, with revenue reaching 3.099 billion CNY, a year-on-year increase of 16.03%, and a net profit of 306 million CNY, up 32.54% year-on-year [1][2][3]. Revenue and Profit Growth - The revenue breakdown for Q1 2025 includes laboratory services at 1.857 billion CNY (+15.74%), CMC at 693 million CNY (+19.05%), clinical research services at 447 million CNY (+14.25%), and large molecule and cell & gene therapy services at 99 million CNY (+7.94%) [2][3]. - The company expects a revenue growth of 10%-15% year-on-year for 2025, driven by a recovery in the innovative drug investment and financing sector [3]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 1.928 billion CNY, 2.148 billion CNY, and 2.389 billion CNY respectively, with an expected EPS of 1.08 CNY per share for 2025 [4][5]. - The report anticipates a steady increase in revenue from 13.792 billion CNY in 2025 to 17.759 billion CNY in 2027 [5][11]. Market Performance - As of April 25, 2025, the company's stock price was 23.19 CNY, with a market capitalization of approximately 41.236 billion CNY [6][7]. - The stock has shown a 12-month absolute return of 27.1% [7].

事件：公司发布 2024年年报，2024年全年公司实现营业收入122.8亿元，同比增长6.4%；实现归母净利 润17.9 亿元，同比增长12.0%；实现经调整Non-IFRS 归母净利润16.1 亿元，同比下降15.6%。2024Q4单 季度实现营业收入34.6 亿元，同比增长16.1%；实现经调整Non-IFRS 归母净利润5.0 亿元，同比增长 1.7%。 公司业绩逐季度回升。分季度来看，随行业景气度与海外市场需求的复苏，公司2024 年Q1 至Q4 分别 实现营业收入26.7/29.3/32.1/34.6 亿元，分别同比-2.0%/+0.6%/+10.0%/+16.1%，Q2 至Q4 分别环比 +9.8%/+9.5%/+7.6%；Q1至Q4 分别实现经调整Non-IFRS 净利润3.4/3.5/4.2/5.0 亿元，分别同 比-22.7%/-28.8%/-13.2%/+1.7%，Q2 至Q4 分别环比+3.7%/+18.7%/+19.7%。 2024 年公司收入与利润逐季度回暖。公司全年及前三季度经调整Non-IFRS 净利润同比下滑是2023年末 新增贷款、宁波新产能投产等扰动因素综合影响所致。 实验 ...