Tigermed(300347) 开源证券·2024-11-03 14:13Investment Rating - The report maintains a "Buy" rating for Tigermed (300347 SZ) [2] Core Views - Tigermed's revenue showed sequential improvement with new orders continuing to trend positively [2] - Despite industry pressure, the company actively responded to cyclical changes, leading to improved revenue and new order growth [5] - The report lowered profit forecasts for 2024-2026 due to industry demand fluctuations, with expected net profits of 12 99/16 26/18 17 billion yuan (down from previous estimates of 16 68/20 56/22 90 billion yuan) [5] - The company's strong competitiveness as a leading domestic clinical CRO supports the "Buy" rating [5] Financial Performance - In Q3 2024, Tigermed achieved revenue of 17 09 billion yuan, down 11 87% YoY but up 0 67% QoQ [5] - Net profit attributable to shareholders in Q3 was 3 21 billion yuan, down 34 74% YoY but up 24 36% QoQ [5] - For the first three quarters of 2024, revenue was 50 68 billion yuan, down 10 32% YoY, with net profit attributable to shareholders at 8 13 billion yuan, down 56 72% YoY [5] - Gross margin for the first three quarters of 2024 was 38 88%, with a net profit margin of 17 82% [6] - Q3 2024 saw a gross margin of 37 28% and a net profit margin of 20 33% [6] Business Segments - In H1 2024, clinical trial technical services generated revenue of 16 37 billion yuan, down 22 17% YoY [7] - Clinical trial-related services and laboratory services achieved revenue of 16 59 billion yuan, up 5 84% YoY [7] - As of June 2024, the company served approximately 330 global clients with 824 ongoing projects in its data statistics business [7] - SMO projects increased from 1,952 at the end of 2023 to 2,110 in H1 2024, with 165 projects completed and services provided for 9 approved Class I new drugs in China [7] - The number of laboratory service projects in execution reached 5,173 [7] Cost Efficiency - The company demonstrated significant cost reduction and efficiency improvements, with Q3 2024 sales/management/R&D expense ratios at 2 55%, 10 64%, and 2 77%, respectively, showing sequential declines [6] Valuation Metrics - The current stock price is 62 53 yuan, with a market capitalization of 54 085 billion yuan [4] - The stock's P/E ratio for 2024-2026 is projected at 41 6/33 3/29 8x [5] - EPS for 2024-2026 is forecasted at 1 50/1 88/2 10 yuan [5]