Tigermed(300347) 国泰君安·2024-11-04 06:23Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 72.25 CNY, up from a previous forecast of 60.00 CNY [3][8]. Core Views - The company's Q3 performance was impacted by multiple factors, but there was a slight improvement compared to the previous quarter. The operating cash flow showed significant improvement, and the macro environment is becoming more favorable, leading to an expected increase in new orders [2][8]. - The report highlights that the domestic innovative drug support policies are strengthening, and the overall macroeconomic environment is improving, which is anticipated to drive a continuous increase in fresh orders [2][8]. Financial Summary - For Q3 2024, the company reported a revenue of 1.709 billion CNY, a year-on-year decrease of 11.87% but a quarter-on-quarter increase of 0.67%. The net profit attributable to shareholders was 321 million CNY, down 34.74% year-on-year but up 24.36% quarter-on-quarter [8][9]. - The report projects a revenue of 6.690 billion CNY for 2024, reflecting a 9.4% decrease compared to 2023, with a net profit of 1.251 billion CNY, down 38.2% year-on-year [9][10]. - The company’s net cash flow from operating activities for Q3 2024 was 401 million CNY, showing a significant improvement from 33 million CNY in Q2 2024 [8][10]. Market Performance - The stock has a 52-week price range of 37.85 to 79.22 CNY, with a total market capitalization of 54.085 billion CNY [4][8]. - The report notes that the stock has experienced a 9% decline over the past month, but a 19% increase over the past three months [7][8]. Comparative Analysis - The report includes a comparison with peer companies, indicating that the average PE ratio for comparable companies is around 40 for 2024 [12].