Tigermed(300347) 民生证券·2025-04-01 01:23Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 6.603 billion yuan for 2024, a year-on-year decrease of 10.58%, and a net profit of 405 million yuan, down 79.99% year-on-year [1]. - The company experienced a significant decline in profitability in Q4 2024, with a gross margin of 17.70%, down 15.12 percentage points year-on-year, and a net margin of -26.59% [1]. - New order growth was driven by demand from large multinational pharmaceutical companies and increased clinical needs from Chinese and overseas biotech firms, resulting in a net new contract amount of 8.42 billion yuan, a 7.3% increase year-on-year [2][3]. - The company is accelerating its international expansion, particularly in North America, with a notable increase in new orders and business [3]. - AI technology is being integrated into the company's solutions, with the launch of the DeepSeek-R1 model and the AI platform for medical applications [3]. Financial Forecasts - Projected revenues for 2025, 2026, and 2027 are 7.435 billion yuan, 8.375 billion yuan, and 8.813 billion yuan, respectively, with expected growth rates of 12.6%, 12.6%, and 5.2% [4][5]. - The forecasted net profit for the same years is 1.689 billion yuan, 2.013 billion yuan, and 2.084 billion yuan, with growth rates of 316.9%, 19.2%, and 3.6% [5][8]. - The company’s PE ratios are projected to be 26, 22, and 21 for the years 2025, 2026, and 2027, respectively [5][8].