证券研究报告 公司点评 泰格医药(300347.SZ) 医药生物｜ 医疗服务 短期业绩增速放缓， 海外业务发展可期 2024年 03月 31日 预测指标 2022A 202 3A 2024E 2025E 2026E 评级 买入 主营收入（亿元） 70.85 73.84 84.96 101.96 117.32 归母净利润（亿元） 20.07 20. 25 24.46 29.59 34.44 评级变动 维持 每股收益（元） 2.30 2.32 2.80 3.39 3.95 交易数据 每股净资产（元） 22.45 24.10 26.40 29.18 32.41 当前价格（元） 53.15 P/E 23.11 22.90 18.96 15.67 13.47 52周价格区间（元） 37.85-106.01 P/B 2.37 2.21 2.01 1.82 1.64 总市值（百万） 43128.86 资料来源：Wind，财信证券 流通市值（百万） 30699.80 总股本（万股） 87241.90 投资要点： 流通股（万股） 70073.20  事件：公司发布 2023年年度报告。2023年，公司实现营业收入 73.84 ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[泰ITnaf 格bol]e 医_Ti药tle]( 300347) [评Tab级le_：Inv est] 增持 上次评级： 增持 短期利润有所扰动，海外业务持续拓展 目标价格： 67.08 上次预测： 85.44 公 ——泰格医药2023 年报点评 当前价格： 50.24 司 丁丹(分析师) 甘坛焕(分析师) 唐玉青(研究助理) 2024.04.07 更 0755-23976735 021-38675855 021-38031031 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com gantanhuan028803@gtjas.com tangyuqing028689@gtjas.com 证书编号 S0880514030001 S0880523080007 S0880123070133 52周内股价区间（元） 37.85-106.01 报 总市值（百万元） 43,830 告 本报告导读： 总股本/流通A股（百万股） 872/578 流通 B股/H股（百万股） 0/123 公司发布20 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company is a leader in the Clinical Research Organization (CRO) sector, with expectations for improved industry conditions driven by changes in the innovative drug sector [6][9] - In 2023, the company reported operating revenue of 7.384 billion yuan, a year-on-year increase of 4.21%, while the net profit attributable to the parent company was 2.025 billion yuan, up 0.91% year-on-year [6][8] - The company aims to enhance its integrated R&D service platform and expand its global presence, with a focus on regulatory changes and technological innovations [9] Financial Performance Summary - In 2023, the company had a total revenue of 7.384 billion yuan, with a year-on-year growth of 4.21% [6] - The net profit for 2023 was 2.025 billion yuan, reflecting a slight increase of 0.91% year-on-year, while the net profit excluding non-recurring items was 1.477 billion yuan, down 4.05% [6][8] - The company’s gross margin for 2023 was 38.6%, slightly down from 39.6% in 2022 [8][12] Business Segments - The main business segments include Clinical Trial Technical Services, which generated revenue of 4.168 billion yuan, a year-on-year increase of 1.04%, and Clinical Trial Related Services and Laboratory Services, which brought in 3.121 billion yuan, up 8.51% year-on-year [7][11] - The number of ongoing drug clinical research projects increased from 680 at the end of 2022 to 752 by the end of 2023 [7] - The company has expanded its global client base, increasing the number of global clients from 259 to 340, a growth of 31.27% [7] Future Outlook - The company expects to maintain high growth rates, with projected earnings per share (EPS) for 2024, 2025, and 2026 at 2.62 yuan, 3.03 yuan, and 3.54 yuan respectively [9][12] - The estimated revenue for 2024 is projected to be 8.277 billion yuan, with a year-on-year growth of 12.1% [8][12] - The company aims to achieve a reasonable valuation range of 65.50 to 78.60 yuan based on a price-to-earnings (PE) ratio of 25-30 times for 2024 [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州泰格醫藥科技股份有限公司 呈交日期: 2024年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 300347 | 說明 | 於深圳證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 749,293,420 | RMB | | 1 RMB | | 749,293,420 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 749,293,420 | RMB | | 1 RMB | | 749,293,420 | | 2. 股份分類 | 普通股 | 股份類別 | ...

上 市 公 司 医药生物 2024 年04月 02 日 泰格医药 (300347) 公 司 研 究 ——业绩短期波动，24 年有望逐步恢复 公 司 点 报告原因：有业绩公布需要点评 评 买入 事件： （维持）  公司发布2023年报。2023公司收入73.84亿，同比增长4.21%，扣非利润14.77亿， 同比下降4.05%；单Q4收入17.34亿，同比增长3.22%，扣非利润 2.79亿，同比下降 证 市场数据： 2024年04月02日 19.74%，我们预计Q4利润下降主要由于新冠项目减值、子公司方达控股的收入增长有所 券 收盘价（元） 52.04 研 一年内最高/最低（元） 111.92/36.12 放缓，影响利润所致。公司整体收入和扣非利润符合预期。 究 市净率 2.2 报 息率（分红/股价） - 投资要点： 告 流通A股市值（百万元） 30059 上证指数/深证成指 3074.96/9586.95  临床试验技术服务板块略有增长，临床试验相关服务及实验室服务板块稳定增长。分业务 注：“息率”以最近一年已公布分红计算 来看，临床试验技术服务收入41.68亿元，比增长1.04%，注册与申报服务全年新 ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1] Core Views - The company's revenue for 2023 reached 7.384 billion yuan, a year-on-year increase of 4.21%, while the net profit attributable to shareholders was 2.025 billion yuan, up 0.91% year-on-year. However, the non-recurring net profit decreased by 4.05% to 1.477 billion yuan, and operating cash flow fell by 15.25% to 1.15 billion yuan [2][3] - The company demonstrated resilience and sustainability in business growth and profitability during the industry's downturn, with a slight revenue increase despite challenges from the COVID-19 pandemic and a decline in the biopharmaceutical investment climate [3] - Domestic business showed steady growth, while the overseas platform capabilities are continuously strengthening, which is expected to become a new growth point. The company executed 752 drug clinical trial projects by the end of 2023, a 10.59% increase year-on-year [3] - The report forecasts the company's revenue for 2024-2026 to be 8.015 billion, 9.238 billion, and 10.910 billion yuan, respectively, with net profits of 2.165 billion, 2.555 billion, and 3.156 billion yuan. The current market valuation corresponds to P/E ratios of 21, 18, and 15 for 2024-2026 [3] Summary by Sections Financial Performance - In 2023, the total revenue was 7.384 billion yuan, with a year-on-year growth of 4.21%. The net profit attributable to shareholders was 2.025 billion yuan, reflecting a slight increase of 0.91% year-on-year. However, the non-recurring net profit decreased by 4.05% to 1.477 billion yuan [2][3] - The operating cash flow for the year was 1.15 billion yuan, down 15.25% from the previous year [2] Business Segments - Clinical trial technical service revenue was 4.168 billion yuan, up 1.04% year-on-year, with a gross profit of 1.592 billion yuan and a gross margin of 38.21%, which increased by 0.58 percentage points year-on-year [3] - Revenue from clinical trial-related services and laboratory services reached 3.116 billion yuan, an increase of 8.63%, but the gross profit slightly decreased by 0.10% [3] Market Position and Growth Potential - The company has established a strong presence in both domestic and international markets, with significant growth in clinical trial services in the U.S. and ongoing projects in various regions, including Europe and Australia [3] - The report highlights the acquisition of Nucro-Technics, which enhances the company's service capabilities in analytical chemistry and microbiology [3] Valuation and Future Outlook - The report anticipates a gradual increase in revenue and net profit over the next few years, with a focus on the company's low valuation and the potential contribution from its expanding overseas business [3]

M N 2 Apr 2024 CMB International Global Markets | Equity Research | Company Update Tigermed (300347 CH) Expect business rebound in 2024E Target Price RMB68.57 Tigermed reported 2023 revenue of RMB7,384mn, up 4.2% YoY, and attributable (Previous TP RMB80.31) recurring net income of RMB1,477mn, down 4.1% YoY. Revenue/ attributable Up/Downside 29.1% recurring net income missed our forecast by 2.9%/ 12.1%, respectively, mainly Current Price RMB53.10 due to shrinking COVID vaccine revenue, slowdown in global R&D ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing temporary pressure on performance, but is expected to gradually recover in 2024. The revenue for 2023 was CNY 7.384 billion, a year-on-year increase of 4.21%, while the net profit attributable to shareholders was CNY 2.025 billion, a year-on-year increase of 0.91%. The decline in performance is attributed to reduced COVID-19 related business and fluctuations in downstream market demand [5][6] - The company has a solid order backlog of CNY 14.08 billion, which is expected to support stable growth in 2024. The profit forecasts for 2024-2026 have been adjusted downwards due to slowing downstream demand, with net profits projected at CNY 2.240 billion, CNY 2.491 billion, and CNY 2.819 billion respectively [5][6] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of CNY 1.734 billion, a year-on-year increase of 3.22%, but the net profit dropped by 63.86% to CNY 145 million. The decline in net profit is primarily due to the decrease in COVID-19 related business [5] - The company’s clinical trial technical services generated revenue of CNY 4.168 billion in 2023, a year-on-year increase of 1.04%. The number of ongoing drug clinical research projects reached 752, an increase of 72 projects year-on-year [6] Business Development - The statistical business and SMO (Site Management Organization) business are both developing steadily. By the end of 2023, the number of global clients for the statistical business reached 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 [7] - The company is actively expanding into emerging business areas such as medical device clinical research and drug safety monitoring, enhancing its global service capabilities [6][7] Financial Projections - The projected revenue for 2024 is CNY 8.195 billion, with a year-on-year growth of 11.0%. The projected net profit for 2024 is CNY 2.240 billion, reflecting a year-on-year increase of 10.6% [8][9] - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 20.7, 18.6, and 16.5 respectively, indicating a favorable valuation outlook [8][9]

医药 公 2024年03月30日 司 报 泰格医药(300347.SZ) 告 逆境下全年业绩平稳落地，行业拐点将至 推荐 ( 维持 ) 事项： 公司发布2023年报，实现营收73.84亿元（yoy +4.2%），实现归母净利润 股价:52.25元 20.25亿元（yoy +0.9%），扣非归母净利润为14.77亿元（yoy -4.1%）。符 公 主要数据 合市场预期。 行业 医药 司 分红预案：拟每10股派现5.68元（含税）。 ...

杭州泰格医药科技股份有限公司 2023 年年度报告全文 杭州泰格医药科技股份有限公司 2023 年年度报告 2023 年 3 月 29 日 1 杭州泰格医药科技股份有限公司 2023 年年度报告全文 2023 年年度报告 第一节重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个 别和连带的法律责任。 公司负责人曹晓春、主管会计工作负责人杨成成及会计机构负责人(会计 主管人员)夏江梅声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 无 公司经本次董事会审议通过的利润分配预案为：以 864,948,570 股为基数， 向全体股东每 10 股派发现金红利 5.68 元（含税），送红股 0 股（含税），以 资本公积金向全体股东每 10 股转增 0 股。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 12 | | 第三节 | 管理层讨论与分析 | 16 ...