药石科技：公司信息更新报告：在手订单增速稳健，CDMO业务持续赋能全球客户

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a steady growth in its order backlog, with a year-on-year increase of over 20% [3] - Despite facing pressure on profit margins due to factors such as depreciation of new capacity and interest expenses from convertible bonds, the company continues to expand its customer base and enhance its CDMO (Contract Development and Manufacturing Organization) capabilities [3][5] - The company has established a Swiss subsidiary and is building a molecular block warehouse in Europe, indicating a strong focus on international market expansion [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 745 million yuan, a year-on-year decline of 11.75%, and a net profit attributable to shareholders of 98.69 million yuan, down 13.35% [3] - The company’s revenue from drug research products and services was 166 million yuan in H1 2024, reflecting a growth of 0.80% [4] - Revenue from drug development and commercialization services reached 578 million yuan in H1 2024, with a significant year-on-year increase of 45.84% from multinational corporations (MNCs) [5] Order and Customer Base - The number of active customers reached 726 in H1 2024, representing an 8.77% increase year-on-year, with 137 new customers added, a growth of 34.31% [3] - The company secured 21 new orders in H1 2024, with nearly 50% of projects involving overseas clients [5] Earnings Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 200 million yuan, 238 million yuan, and 280 million yuan respectively, down from previous estimates [3] - The expected earnings per share (EPS) for 2024-2026 are projected to be 1.00 yuan, 1.19 yuan, and 1.40 yuan respectively [3] Valuation Metrics - The current stock price corresponds to price-to-earnings (P/E) ratios of 31.6, 26.7, and 22.6 for 2024, 2025, and 2026 respectively [3][6]