Tigermed(300347) 开源证券·2025-04-01 07:56Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company's performance in 2024 is expected to be slightly under pressure, but there is optimism for a return to growth in 2025, driven by a continuous increase in orders [6]. - In 2024, the company achieved total revenue of 6.603 billion yuan, a year-on-year decrease of 10.58%, and a net profit attributable to the parent company of 0.855 billion yuan, down 42.13% year-on-year [6]. - The gross profit margin for 2024 was 33.95%, a decline of 4.63 percentage points compared to the previous year [6]. - The company secured new contract amounts totaling 10.12 billion yuan in 2024, with a net increase of 8.42 billion yuan, reflecting a year-on-year growth of 7.3% [6]. - The forecast for net profit attributable to the parent company for 2025-2027 is 1.011 billion yuan, 1.089 billion yuan, and 1.203 billion yuan respectively, with corresponding EPS of 1.17 yuan, 1.26 yuan, and 1.39 yuan [6]. Financial Summary - In 2024, the company reported a revenue of 6.603 billion yuan, with a year-on-year decline of 10.6% [10]. - The net profit attributable to the parent company for 2024 was 0.405 billion yuan, reflecting a significant year-on-year decrease of 80% [10]. - The gross profit margin for 2024 was 34.0%, with projections for 2025-2027 indicating a gradual recovery to 39.1% by 2025 [10][13]. - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 44.3, 41.1, and 37.2 respectively [10].