PHARMARON(300759) Shenwan Hongyuan Securities·2025-04-02 13:43Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a revenue of 12.276 billion yuan for 2024, representing a year-on-year growth of 6.39%, and a net profit attributable to shareholders of 1.793 billion yuan, up 12.01% year-on-year [4] - In Q4 2024, the company achieved a revenue of 3.458 billion yuan, which is a 16.15% increase year-on-year, while the net profit for the same period was 372 million yuan, showing a year-on-year decline of 19.59% but a quarter-on-quarter increase of 20.48% [4] - The company expects a revenue growth of 10%-15% in 2025, with new order growth exceeding 20% in 2024, particularly in laboratory services and CMC services [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 13.795 billion yuan, with a year-on-year growth rate of 12.4% [6] - The net profit forecast for 2025 is 1.819 billion yuan, with a slight increase of 1.4% year-on-year [6] - The projected earnings per share for 2025 is 1.02 yuan, with a PE ratio of 27 [6] Business Segments Performance - Laboratory services generated revenue of 7.047 billion yuan, a 5.81% increase year-on-year, with a gross margin of 44.92% [7] - CMC services revenue reached 2.989 billion yuan, growing by 10.24% year-on-year, with a gross margin of 33.62% [7] - Clinical research services brought in 1.826 billion yuan, a 5.12% increase year-on-year, with a gross margin of 12.82% [7]